Business Principles

Front

Something a person must have to survive.

Back

Need

Front

Work in the 21st century requires most workers to: think critically, solve problems, and make decisions

Back

think critically, solve problems, and make decisions

Front

A good example of ____ would be a hairdresser, plumber, or a person that cuts down trees for a living

Back

a service business

Front

First step in the decision making process

Back

Define the problem

Front

A ___ is an association of two or more persons who co-own a business with the objective of earning a profit. Examples: Apple-Steve Jobs and Steve Wozniak.

Back

partnership

Front

In economics, people are said to have unlimited

Back

Wants

Front

Not having enough resources to satisfy every need is

Back

scarcity

Front

3 Economic Resources are: Natural, human, technical, Natural, human, capital, Natural, human, environmental, Natural, human, coinage

Back

Natural, human, capital

Front

The difference between income earned and expenses incurred by a business is called

Back

Profit

Front

What is the term for all activities involved in developing and exchanging products?

Back

Business