Principles of Business Chapter 1

The difference between income earned and expenses incurred by a business is called

• Sales

• Money

• Profit

• Time

What is the term for all activities involved in developing and exchanging products?

• Corporation

• Economics

• Entrepreneurship

• Business

Something a person must have to survive.

• iPhone X

• Need

• Service

• Want

An action or task that is performed, usually for a fee.

• iPhone X

• Need

• Service

• Want

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

• Corporation

• Economics

• Entrepreneurship

• Business

An organized way in which a nation chooses to use its resources to create goods and services.

• Competition

• Standard of Living

• Capitalism

• Economic System

The level of material comfort measured by the goods, services, and luxuries available.

• Competition

• Standard of Living

• Capitalism

• Economic System

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

• Competition

• Standard of Living

• Capitalism

• Economic System

When demand is higher than the available resources it leads to this

• Scarcity

• Capitalism

• Consumers

• Utility

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

• Standard of Living

• Scarcity

• Competition

• Factors of Production