Business Concepts Flashcards

Business Concepts Flashcards

Assessment

Flashcard

others

KG

Hard

Created by

Zanieb Masoud

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

Cooperative (Co-op)

Back

Definition: Business owned and operated by a group for mutual benefit. Example: Local food co-op

2.

FLASHCARD QUESTION

Front

Partnership

Back

Definition: Business arrangement where two or more individuals share ownership and profits. Example: Law firm with multiple lawyers

3.

FLASHCARD QUESTION

Front

Scarcity

Back

Definition: Condition where there are not enough resources to produce everything desired. Scenario: Limited water supply in a drought-affected town.

4.

FLASHCARD QUESTION

Front

Natural Resources

Back

Definition: Resources from nature used to produce goods/services (land, water, minerals, forests). Scenario: Farmer relying on rainfall.

5.

FLASHCARD QUESTION

Front

Wants (Goods & Services)

Back

Definition: Desires for goods and services that are not necessary for survival.

6.

FLASHCARD QUESTION

Front

Traditional Economy

Back

Economic system based on customs and traditions. Scenario: Village farming passed down generations.

7.

FLASHCARD QUESTION

Front

Market Economy

Back

Economic system where individual choices and prices decide production and distribution. Scenario: City where businesses compete and prices fluctuate.

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