Ag Business

What is a service?

• A tangible product that can be physically possessed.

• An intangible product that involves a deed, a performance, or an effort that cannot be physically possessed.

• A product that is always free of charge.

• A type of product that is only available online.

What are goods?

• Physical items that can be touched and seen, such as food, clothing, and electronics.

• Services that cannot be physically touched, like consulting or education.

• Digital products that exist only in electronic form, like software or e-books.

• Intangible assets that represent value, such as stocks or bonds.

What is profit?

• Profit is the total revenue generated by a business.

• Profit is the amount of money a business has left after all expenses and bills have been paid.

• Profit is the initial investment made by the owners of the business.

• Profit is the total number of sales made by a business.

Tags

NGSS.HS-ESS3-2

What is a trade?

• A trade is the exchange of goods or services between parties.

• A trade is a type of investment in stocks.

• A trade is a legal agreement to sell property.

• A trade is a method of communication between businesses.

What happens to the price of a popular product when supply is low?

• The price will go down due to increased competition.

• The price will remain the same regardless of supply.

• The price will go up due to increased demand and limited availability.

• The price will fluctuate randomly without any pattern.

What is a budget?

• A financial plan that outlines expected income and expenses over a specific period.

• A document that tracks past spending without future projections.

• A tool used only by large corporations for financial analysis.

• A method for saving money by cutting unnecessary expenses.

What is opportunity cost?

• The cost of producing one more unit of a good or service.

• The value of the next best alternative that is forgone when making a decision.

• The total cost of all resources used in production.

• The amount of money spent on a particular investment.

What is supply?

• Supply refers to the total amount of a good or service that is available for purchase at any given price.

• Supply is the amount of money consumers are willing to spend on a product.

• Supply is the total demand for a good or service in the market.

• Supply refers to the quality of goods available for purchase.

What is a consumer?

• A person who sells goods and services.

• An individual or group that purchases goods and services for personal use.

• A government entity that regulates markets.

• A business that produces goods for sale.

What is a producer?

• A person who creates art and music.

• An individual or business that creates goods or provides services.

• A type of financial investor.

• A person who manages a team of employees.