GB--Intro. to Business & Economics

Question 1

An action or task that is performed for a fee.

Accepted Answer

service

Question 2

The willingness and ability to start a new business.

Accepted Answer

entrepreneurship

Question 3

Banks that offer Sunday hours is an example of.

Accepted Answer

time utility

Question 4

When demand is greater than supply, a ________develops.

Accepted Answer

shortage

Question 5

Any activity related to making a product.

Accepted Answer

Production

Question 6

Activities involving money.

Accepted Answer

Finance

Question 7

The economic resources a nation uses to make goods and services.

Accepted Answer

factors of production

Question 8

Cookware and serving dishes designed to be microwaveable is an example of..

Accepted Answer

form utility

Question 9

Both government and individuals make decisions about economic resources in a ......

Accepted Answer

mixed economy

Question 10

A wide variety of stores in shopping malls available in one location is an example of...

Accepted Answer

Place Utlility

Question 11

Convenience stores and drive-thru pharmacies offer quick product access.

Accepted Answer

possession utility

Question 12

Something a person must have in order to survive.

Accepted Answer

need

Question 13

Which is not one of the three basic economic questions?

Accepted Answer

When should we produce?

Question 14

Anything that can be bought or sold.

Accepted Answer

Good, Product

Question 15

The point where supply equals demand for a product.

Accepted Answer

equilibrium

Question 16

A science that examines how goods and services are produced, sold, and used.

Accepted Answer

economics

Question 17

The government makes all economic decisions for its citizens in a......

Accepted Answer

command economy

Question 18

Controlling and making decisions about a business.

Accepted Answer

Management

Question 19

According to your textbook, chapter 1, who deals with the basic economic problem?

Accepted Answer

all of these

Question 20

Resources are ________ and Wants are ________.

Accepted Answer

limited, unlimited

Question 21

Individuals are free to make their own economic decisions in a.....

Accepted Answer

market economy

Question 22

A level of material comfort measured by the goods, services, and luxuries available.

Accepted Answer

standard of living

Question 23

An economic system where the resources are privately owned by individuals, not govt.

Accepted Answer

All of these

Question 24

Activities that identify, anticipate, and satisfy customer demand.

Accepted Answer

Marketing

Question 25

Anywhere buyers and sellers meet to buy and sell goods and services.

Accepted Answer

market

Question 26

The customer of a service business is called?

Accepted Answer

client

Question 27

Economic factors that affect the price, demand, and availability of a product.

Accepted Answer

market forces

Question 28

Economic decisions are based on a society's values, culture, and customs.

Accepted Answer

traditional economy

Question 29

Demand is regulated by_________.

Accepted Answer

consumers

Question 30

Customers who purchase goods and services for their own use.

Accepted Answer

consumers

Question 31

A rivalry among businesses to attract the same customers.

Accepted Answer

competition

Question 32

All the activities involved in developing and exchanging products.

Accepted Answer

business

Question 33

Supply is regulated by __________.

Accepted Answer

producers

Question 34

Which of the following is not a factor of production?

Accepted Answer

credit

Question 35

The work performed by people in businesses is..

Accepted Answer

labor

Question 36

The value of the next best choice that was not selected.

Accepted Answer

opportunity cost

Question 37

The difference between the income earned and expenses incurred by a business.

Accepted Answer

profit

Question 38

The right of individuals to buy, sell, or give away assets.

Accepted Answer

private property

GB--Intro. to Business & Economics

Questions 38

GB--Intro. to Business & Economics

Questions 38