Chapter 1 - Chapter Review

Producers and consumers operate together to create a 

Advertising is a strategy that businesses use to attract consumer interest, also known as 

One characteristic that entrepreneurs do not possess is the ability to be a risk-taker.

If consumers choose to ‘vote with their feet,’ they are exercising their 

Needs are things necessary for survival and include

The businesses that make goods or provide services are called 

Supply is the quantity of a good that consumers are willing & able to buy at a particular price

The term ‘obsolete’ refers to goods or services that are 

Competition in business has given power to the

If consumer demand for a good is low and the supply of that good is high,prices will tend to be

Generally speaking, as incomes increase, people tend to buy more. This s best described as a 

It is important to remember in business that the consumer is always right.