Business World Flashcard

Business World Flashcard

Assessment

Flashcard

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Hard

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Wayground Content

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40 questions

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1.

FLASHCARD QUESTION

Front

What is the primary purpose of a business? Options: To provide employment, To make a profit, To serve the community, To satisfy the government

Back

To make a profit

2.

FLASHCARD QUESTION

Front

What does a business do to meet the wants and needs of a market?

Back

Provide goods and services

3.

FLASHCARD QUESTION

Front

Which of the following is an example of a 'service' provided by a business? A computer, A haircut, A book, A t-shirt

Back

A haircut

4.

FLASHCARD QUESTION

Front

When there is high demand and low supply for an item, the price will be...

Back

Higher

5.

FLASHCARD QUESTION

Front

Which market type is based on local custom and culture rather than competition? Options: Free Market, Command Market, Mixed Market, Traditional Market

Back

Traditional Market

6.

FLASHCARD QUESTION

Front

In a Free Market system, who primarily determines prices?

Back

Private businesses

7.

FLASHCARD QUESTION

Front

What is the main feature of a Command Market?

Back

Government controls production and prices

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