Intro to Business Final Review

A written description of a business venture that describes all aspects of the business is called

• a company charter.

• a company policy.

• a business plan.

• an executive summary.

A business may stop manufacturing because

• of government taxes.

• it can't keep up with demand.

• there's a decrease in demand.

All of the following are disadvantages of forming a corporation except

• double taxation

• limited liability

• government regulation

• difficult to start

Demographics do not include

• gender

• behavior characteristics.

• income levels

• location

The value of the next-best alternative that you did not choose is called a trade-off. 

• true
• false

The value of the next best option that was not selected:

• Opportunity Cost

• Trade Off

• Need

• Want

What type economy is in place when the Government makes all the decisions?

• Market

• Command

• Mixed

• Traditional

What happens in an economy when the nation can't produce enough goods for the overall demand of the nation?

• Scarcity

• Productivity

• Marketability

• Resource Management

What is the total market value of all final products produced in a country during a specific time period?

• Product Value

• Annual Sales

• Gross Domestic Product

• Standard of Living

What role do entrepreneurs play in economics?

• Entrepreneurs tell consumers what they should want or need.
• Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.
• Entrepreneurs borrow money from the economy to start their businesses.
• None of the choices