3J Key Terms POB Revision

People are involved in _______________ when they give and get something in return

• Barter

• Trade

• Exchange

• Enterprise

Books, chairs and computers are considered ___________ products

• School

• Tangible

• Intangible

• Entrepreneur

When more monies are going out than coming in, then the firm is making a _______

• Profit

• Enterprise

• Market

• Loss

Purchasing items from an online store such as Amazon can be termed_________

• Market

• Labour

• Organization

• Commodity

__________ is considered a human resource

• Capital

• Enterprise

• Goods

• Labour

The Blocks Machine used in the company to make 2" blocks can be considered _________

• Specialization

• Capital

• Loss

• Profit

Mr. McKenzie focuses on being a lawyer. This is called

• E-Commerce

• Economy

• Specialization

• Market

Smilo Chocolate is an example of a __________ of cocoa chocolate

• consumer

• proprietor

• economy

• producer

If Susan buys and uses the bar of soap, then she is a _________

• customer

• consumer

• producer

• proprietor

Tourism and Communication fall under the __________ industry

• commodity

• service

• economy

• tangible