Intro to Business Final Exam Review

A person who takes risk and starts a new venture.

• Entrepreneurship

• Entrepreneur

• Leader

• Business

This type of entrepreneur has a passion for changing the lifestyle of people.

• Serial

• Business

• Lifestyle

• Social

This type of business sells the products they produce.

• Service

• Retail

• Manufacturing

• Wholesale

Getting your hair cut or having your car fixed is an example of

• Wholesale Business

• Service

  Business

• Manufacturing

  Business

• Social

  Business

The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources

• Economic

  Activity

• Business

• Economics

• Role of Business

A retail business

• produces the products they sell

• find innovative solutions to society's most pressing social problems

• sell products directly to the people

• sell products to other businesses and sometimes final consumer

Resources for a business include

• Money

• Money and Labor

• Materials

• Money, Labor and Materials

An advantage of a Laissez-Faire leader is

• Employees can function individually

• Reduces complaints

• Decisions can be made quickly.

• Morale of employees is strong.

This leadership type involves the group when decisions are made.

• Laissez-Faire

• Autocratic

• Democratic

This type of leader makes all of the decisions without input from others.

• Democratic

• Autocratic

• Laissez-Faire