Ch.1 Presentation PBMF

Word Cloud

What comes to mind when you think of business?

Multiple Choice

Which of the following statements about products is correct?

• Products can only be physical items.

• Products include both goods and services.

• Products are only sold to consumers.

• Products are not exchanged in business.

Open Ended

Sarah knows her mom loves Reese's Pieces, so she buys them for her at the grocery store when she sees them. Who is the customer? Who is the consumer?

Multiple Choice

Which of the following best describes the difference between a need and a want?

• A need is essential for survival, while a want is not.

• A want is essential for survival, while a need is not.

• A need is something people desire but can survive without, while a want is essential.

• A need and a want are the same thing.

Fill in the Blank

What is the definition of economics as described in the lesson?

Multiple Choice

Which of the following best describes the four factors of production?

• Land, labor, capital, entrepreneurship

• Land, labor, money, technology

• Labor, capital, goods, services

• Land, entrepreneurship, goods, services

Multiple Choice

Which of the following best explains why scarcity exists in economics?

• Because resources are unlimited and needs are limited

• Because resources are limited and needs and wants are unlimited

• Because everyone has the same needs and wants

• Because governments control all resources

Multiple Choice

In a command economy, the government makes all economic decisions. What is an example of a command economy mentioned in the slides?

• Capitalism

• Communism

• Traditional economy

• Market economy

Open Ended

What is one key concept you learned today about the principles of business, marketing, and finance?