Intro to Business Concepts - Midterm Review

Doctors provide which of the following?

• Product

• Service

Revenue - Expenses (or bills) =

• Profit

• Competition

• Market Research

Asking people where they shop and what they buy is an example of _________________

• Consumer

• Competition

• Service

• Market Research

When I choose to buy things that I need or want I am a __________.

• Producer

• Consumer

• Customer

Which of the following would most likely be a need?

• Food

• Video Game

• Haircut

• Magazine

Which of the following is correct, priority order?

• Wants before Needs

• Needs before Wants

• Goods before services

• Services before goods

Which are examples of resources?

• Roller Skates/Cars

• Insurance/Sports/Entertainment

• An Accountant

• Money/Fuel/Labor

Why do businesses need to satisfy needs before wants?

• Globalization

• Competition

• Business Taxes

• Limited Resources

Study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices.

• Economics

• Supply

• Demand

• Factors of Production

Amount of money given or asked for when goods/services are bought or sold.

• Supply

• Demand

• Price

• Scarcity