Principles of Business Chapters 1-3

Which law states that the higher the price, the less consumers will want of a product?

• Law of Demand
• Law of Supply

Which definition of business is the system of task and authority relationship that coordinates and controls the interactions between people so that they work toward a common goal?

• business as an organization
• business as a structure
• business as a commerce
• business as an occupation

Which of the following economies focuses on individual freedom and investment?

• Traditional
• Command
• Market

Which of the following focuses on the economy as a whole?

• Macro-economics
• Micro-economics

Which of the following economies does things "the way things have always been done"?

• Command
• Market
• Traditional

Which of the following is NOT one of the four factors of production?

• Capital
• Energy
• Labor
• Land

Which of the following is NOT an accurate definition of "business"?

• as a commerce
• as an organization
• as a structure
• as an occupation

Which definition of business is the acquired set of specialized skills and abilities that allows people to create valuable goods and services?

• business as an organization
• business as a structure
• business as a commerce
• business as an occupation

Which term describes the exchange of one good for another?

• Trade
• Barter
• Traditional trade
• Brokering

Which definition of business is the process that people produce, exchange, and trade goods and services?

• business as an organization
• business as an occupation
• business as a commerce
• business as a structure