Business World Flashcard

Front

What is the primary purpose of a business? Options: To provide employment, To make a profit, To serve the community, To satisfy the government

Back

To make a profit

Front

What does a business do to meet the wants and needs of a market?

Back

Provide goods and services

Front

Which of the following is an example of a 'service' provided by a business? A computer, A haircut, A book, A t-shirt

Back

A haircut

Front

When there is high demand and low supply for an item, the price will be...

Back

Higher

Front

Which market type is based on local custom and culture rather than competition? Options: Free Market, Command Market, Mixed Market, Traditional Market

Back

Traditional Market

Front

In a Free Market system, who primarily determines prices?

Back

Private businesses

Front

What is the main feature of a Command Market?

Back

Government controls production and prices

Front

Which economic system combines elements of both free and command markets? Options: Capitalism, Socialism, Communism, Mixed Market

Back

Mixed Market

Front

In a Sole Proprietorship, who is responsible for all income, expenses, and liabilities?

Back

A single owner

Front

Compared to working alone, how is working with a partner typically different?

Back

Harder