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Business & Economics Basics Flashcards | StudBud
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Business & Economics Basics
Business & Economics Basics
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Questions
10
Answers
1
It is NOT good to start learning and practicing making smart decisions at a young age.
True
False
2
Resources are typically broken down into three categories. They are: labor, materials and ?
gas
food
paper
money
3
Business is the activity of making profit by producing and selling consumer goods and services in exchange for money.
True
False
4
Do people have LIMITED wants and needs or UNLIMITED wants and needs?
Unlimited
Limited
5
A consumer is
none of these
products created by businesses that you can physically touch and see
work that businesses perform for consumers
an individual who buys goods and services from businesses
6
Study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources is ?
Business
Consumers
Resources
Economy
7
Services are
an individual who buys goods and services from businesses
products created by businesses that you can physically touch and see
work that businesses perform for consumers
none of these
8
Individuals satisfy their wants and needs by buying goods and services that businesses sell.
False
True
9
Profit is the money businesses get to keep BEFORE paying off expenses.
True
False
10
Goods are
an individual who buys goods and services from businesses
work that businesses perform for customers
products created by businesses that you can physically touch and see
none of these
