Final Exam Test Principles of Business

Front

What is the term for all activities involved in developing and exchanging products?

Back

Business

Front

Something a person must have to survive.

Back

Need

Front

An action or task that is performed, usually for a fee.

Back

Service

Front

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

Back

Economics

Front

An organized way in which a nation chooses to use its resources to create goods and services.

Back

Economic System

Front

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

Back

Standard of Living

Front

An economic system where the economic resources are privately owned by individuals rather than the government.

Back

Capitalism

Front

When demand is higher than the available resources it leads to this

Back

Scarcity

Front

The economic resources a nation uses to make goods and supply services for its population.

Back

Factors of Production

Front

What are the four Functions of Business? Options: Form, Place, Time, Information, Possession, Production, Finance, Marketing, Management, Traditional, Command, Market, Mixed, Supply and Demand, Profit Motive, Competition

Back

Production, Finance, Marketing, Management