Unit 1 Review

What are businesses in business to do?

• To make money

• To provide goods and services

• To benefit the community

• To create jobs

What are the benefits of opening a business in a community?

• It gives the community choices

• It brings tax money to the area

• It provides more choices to consumers

• All of the above

What are goods in the context of business?

• Products that companies make

• Services provided to us

• Items that we want but don't need

• Necessary for survival

What are services in the context of business?

• Products that companies make

• Services provided to us

• Items that we want but don't need

• Necessary for survival

Who are consumers?

• Only individuals

• Only businesses

• Only government

• Everyone who buys goods and services

What is the basic economic problem?

• Unlimited wants and needs

• Limited resources

• Scarcity

• All of the above

What are capital resources?

• Money and goods used to make goods and services

• People who make or provide goods and services

• Anything used in the production of goods and services related to money

• Anything from nature used in the production of goods and services

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command