INTRO TO BUSINESS SEMESTER 1 FINAL - (CH 1-5, STOCK, CH 13)

Front

In a basic economic system, what primarily drives the prices of goods and services?

Back

Consumer demand and product supply.

Front

What is the main purpose of a business plan?

Back

To outline the strategic vision of a business, including goals and how to achieve them.

Front

For businesses to stay successful, they must offer: quality products, competitive prices, outstanding service, all of the above

Back

all of the above

Front

Market research provides information that can help a business

Back

identify opportunities, evaluate demand, respond to market goods and services

Front

________ refers to the quantity of a good or service that businesses are willing and able to provide.

Back

Supply

Front

In a ________ the resources are owned and controlled by the government.

Back

Command Economy

Front

The first step in the decision-making process is to _______

Back

Define the problem

Front

Products and money used in the production of goods and services are called Natural Resources

Back

False

Front

A demand curve illustrates the relationship between quantity demanded of a product and ________.

Back

Price

Front

An advantage of a partnership is

Back

that the partners make decisions together, that banks are often more willing to lend money to a partnership than to a sole proprietorship, that the partners often bring different skills and talents to the business.