Business Chapter 1

Business Chapter 1

Assessment

Flashcard

Business

12th Grade

Practice Problem

Hard

Created by

Mariam Tamer Elwan

FREE Resource

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8 questions

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1.

FLASHCARD QUESTION

Front

Definition of a business activity

Back

A process that creates goods or services to meet consumer's needs or wants.

2.

FLASHCARD QUESTION

Front

How does land as a factor of production differ from capital?

Back

Capital is anything created by humans, whereas land encompasses natural resources made from nature.

3.

FLASHCARD QUESTION

Front

…………… is the lack of sufficient products to fulfil the total wants of the population

Back

Scarcity

4.

FLASHCARD QUESTION

Front

How do the factors of production interact to create goods and services?

Back

They work together, with each factor contributing to the production process.

5.

FLASHCARD QUESTION

Front

Opportunity cost is ……………

Back

The next best alternative choice.

6.

FLASHCARD QUESTION

Front

What are the 4 factors of production?

Back

Land, Labor, Capital and Enterprise

7.

FLASHCARD QUESTION

Front

What is the definition of an entrepreneur?

Back

Someone who is willing to take a risk to earn a profit.

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