Chpt. 1 - Intro to Business

Front

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

Back

capitalism

Front

A term for all the activities involved in developing and exchanging products

Back

business

Front

Products are commonly known as

Back

goods and services

Front

Utility describes the characteristics of a product that satisfy

Back

needs and wants

Front

Which of the following is not a function of a business? capitalism, marketing, finance, production

Back

capitalism

Front

Entrepreneurs take risks to start and run.....

Back

businesses

Front

In a __________ economy, individuals are free to make their own economic decisions.

Back

market

Front

The market price for a product is determined at a point where.....

Back

supply equals demand

Front

When demand for a product becomes greater than available supply a(n) _________ develops

Back

shortage

Front

Businesses operate to earn ___________?

Back

Profits