Business and Economic Basics Review

Define Business

• the money businesses get to keep after paying off expenses
• What I know
• the activity of making profit by producing and selling consumers goods and services in exchange for money
• the activity of taking a loss and trying again

Which of these is NOT one of the 3 main resources?

• Money
• Exchange
• Labor
• Materials

Businesses need to make the most of their limited resources by asking themselves which questions?

• What materials do we need to buy?
• How do we produce the goods?
• Who are we providing the goods for?
• all of the above

An individual who buys goods and services from businesses.

• consumer
• producer
• carnivore
• profiteer

An example of a service?

• opening a door for someone
• school supplies
• mowing a lawn
• flowers

What is our biggest economic problem in society?

• labor shortage
• limited resources
• internet fees
• unlimited resources

Which is a result of competition between businesses?

• high prices
• better quality product
• poor quality product
• limited choices

How do businesses decide what goods and services to provide?

• guess
• determine what their competitor sells
• google it
• consumers' wants and needs

The activity of producing and selling goods or services and making them available to all consumers.

• conomics
• profit
• jenga
• economic Activity

Which of these is NOT a need

• food
• water
• shelter
• new car