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Intro to Business Chapter 1: A Look at Wants and Needs Flashcards | StudBud
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Intro to Business Chapter 1: A Look at Wants and Needs
Intro to Business Chapter 1: A Look at Wants and Needs
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Introduction to Business, Chapter 1 Review, A Look at Wants and Needs
Flashcards
46 cards
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Questions
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Answers
1
The contest between businesses to win customers
business
competition
profit
consumer
2
Food, shelter, clothing, and other necessary wants
wants
goods
services
needs
3
Refers to the private ownership of resources by individuals, rather than the government.
Supply
Capitalism
Traditional
Services
4
Mountain bike and TV
needs
public wants
services
private wants
5
What must business provide to consumers in order to satisfy their wants and needs?
intangible desires
technology
cost-effectiveness
goods and services
6
Goods & Services both of which have value and satisfy customers needs and wants.
Wants
Goods
Services
Products
7
The company ____ the product or service by deciding where to sell it and how to advertise it
markets
organizes
produces
manages
8
For the most part local, state, and federal governments satisfy public wants.
True
False
9
Considered a risk taker who uses resources in an entirely new way to create a new product
Producer
Entreprenuer
Consumer
Resource Manager
10
Highways, drinking water, and education
needs
private wants
goods
public wants
11
What is the term for tasks that people or machines perform for payment?
public service
profit
services
goods
12
Private wants are wants shared by many people and satisfied by governments.
False
True
13
When your wants and needs conflict with your resources, you must make a choice.
True
False
14
Which is a want that government cannot satisfy?
new roads
education
bicycles and skates
shelter
15
Understanding the economic principles that are basic to Marketing is which Foundation?
Business
Communication
Economics
Professional Development
16
Reward for satisfying consumers' needs and wants
business
competition
public wants
profit
17
Getting products to the store so customers can buy them is which FUNCTION?
Selling
Financing
Pricing
Distribution
18
Jobs that require no prior experience are called?
Occupation
Mid-management jobs
Career Choice
Entry Level Jobs
19
Understanding concepts needed for career development and growth is which Foundation?
Communication
Business
Professional Development
Economics
20
What are most public wants satisfied by?
nonprofit organizations
local, state, and federal governments
technology
businesses
21
Understanding concepts to interact effectively with others is which Foundation?
Professional Development
Business
Economics
Communication
22
Getting a loan to pay for your business is which FUNCTION?
Pricing
Financing
Selling
Promotion
23
People within the organization manage the company's resources to _____ the products
manage
market
organize
produce
24
Material things you can see and touch
goods
wants
services
needs
25
Anything that people can use to make or obtain what they need or want
profit
services
resources
goods
26
Billboards on Highway 2 advertising Applebees is an example of which FUNCTION?
Pricing
Selling
Promotion
Financing
27
The decision to stop manufacturing products is often because there is a decrease in
want
supply
need
demand
28
Which is not one of the main three economies?
Free Market
Mixed
Command
Traditional
29
Procedure for carefully considering alternatives and consequences before making final decision
profit
business
decision making process
competition
30
Organizations that determine what products and services will be available for sale.
Producers
Supply
Consumers
Economy
31
Type of economy where goods and services are produced the way it has always been done.
Scarcity
Traditional
Command
Service
32
Improving the product for the customer is an example of which FUNCTION?
Selling
Distribution
Product Service Management
Marketing Information Managment
33
Using a debit card to make a purchase is an example of which utility?
Information Utility
Place Utility
Time Utility
Possession Utility
34
A person who selects, purchases, uses, or disposes of goods or services
business owner
sales clerk
consumer
personal shopper
35
Creating surveys for your customers to take is an example of which FUNCTION?
Selling
Promotion
Marketing Information Management
Product Service Management
36
Economy where resources are owned by the government.
Needs
Command
Services
Traditional
37
Hair cutting and guitar lessons
goods
services
public wants
needs
38
A nation's plan for answering the three economic questions.
Needs
Economic System
Producers
Opportunity
39
The mismatch of UNLIMITED wants and needs and limited economic resources is known as
The Basic Economic Problem
The Opportunity Cost
The Factors of Production
The Decision Making Process
40
Takes place every time something is sold in the marketplace
Marketing
Service
Exchange
Goods
41
Amount of $$ left over after a business has paid for the cost of producing its goods & services
consumer
business
competition
profit
42
Process of developing, promoting, and distributing products to satisfy customers needs & wants.
Goods
Marketing
Exchange
Products
43
Having a product available at a certain time of day or year is an example of which utility?
Information Utility
Possession Utility
Place utility
Time Utility
44
Goods can be physically weighed or measured, but services cannot.
True
False
45
What is an activity that seeks profit by providing goods or services to others?
public service
goods and services
business
decision-making process
46
Improving the product for the customer is an example of which FUNCTION
Marketing Information Management
Selling
Product Service Management
Distribution
