chapter 1,2,3 foundation of business

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

• Corporation

• Economics

• Entrepreneurship

• Business

The difference between income earned and expenses incurred by a business is called

• Sales

• Money

• Profit

• Time

Something a person must have to survive.

• iPhone X

• Need

• Service

• Want

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

• Competition

• Standard of Living

• Capitalism

• Economic System

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

• Standard of Living

• Scarcity

• Competition

• Factors of Production

What are the four Functions of Business?

• Form, Place, Time, Information, Possession

• Production, Finance, Marketing, Management

• Traditional, Command, Market, Mixed

• Supply and Demand, Profit Motive, Competition

This factor of production is also called natural resources.

• Land

• Labor

• Capital

• Entrepreneurship

This factor of production includes all the tools, equipment, and machinery used to produce goods and services.

• Land

• Labor

• Capital

• Entrepreneurship

This factor of production includes people who are willing and able to start a new business or purchase and existing business.

• Land

• Labor

• Capital

• Entrepreneurship

Developing a weekly employee work schedule

• Planning
• Organizing / Staffing
• Leading
• Controlling