Introduction to Business Chapter 1

Anywhere a business exchange takes place is called what?

• Economics

• Product

• Market

• Service

Money that a business has left over after all the expenses and costs of running the business are paid is called?

• Economics

• Profit

• Capitalism

• Service

An economic system where the economic resources are privately owned by individuals rather than the government.

• Business

• Scarcity
• Capitalism

Anything that can be bought and sold.

• Factors of Production
• Customer
• Product

A science that examines how goods and services are produced, sold, and used. 

• Factors of Production
• Capitalism
• Profit
• Economics

The economic resources a nation uses to make goods and supply services for its population.

• Product
• Market
• Scarcity
• Factors of Production

A term for all the activities involved inn developing and exchanging products.

• Service
• Business
• Profit
• Market

Products are commonly known as

• needs and wants
• goods and services
• factors of production
• functions of business

in a         economy, individuals are free to make their own economic decisions.

• Market
• command
• centrally-planned
• traditional

When demand for a product becomes greater than available supply, a(n) _________ develops.

• surplus
• shortage
• equilibruim
• competition