Understanding Business Basics Flashcard

Front

What is the definition of a business?

Back

An organization that provides goods or services to satisfy needs and wants

Front

Which of the following is an example of a good? Haircut, Car, Teaching, Banking

Back

Car

Front

Who is an entrepreneur?

Back

Someone who starts and runs a business

Front

Which term refers to activities that satisfy people's needs and wants without producing physical objects?

Back

Services

Front

What is the economy?

Back

The system of how money, goods, and services are produced and used in a country

Front

Which of the following is NOT a type of business? Manufacturing, Service, Retail, Biology

Back

Biology

Front

Which word best describes a person who creates a new product and starts a company to sell it?

Back

Entrepreneur

Front

Which of the following is a service? A loaf of bread, A haircut, A bicycle, A book

Back

A haircut

Front

Which of the following best describes the main role of businesses in the economy? To entertain people, To provide goods and services that satisfy needs and wants, To create laws, To teach students

Back

To provide goods and services that satisfy needs and wants

Front

Which of the following is an example of a retail business? A car factory, A grocery store, A bank, A hospital

Back

A grocery store