Principles of Business

Things that are necessary for survival

• Wants

• Human Resources

• Needs

• Capital Resources

Which of the following statements are true?

• Supply is the quantity of a product or service that businesses are willing and able to provide at a particular price.

• Demand is the quantity of a product or service that businesses are willing and able to buy at a particular price.

• Supply is the quantity of a product or service that consumers are willing and able to buy at a particular price.

A business that sells goods and services directly to the public.

• Retailer

• Wholesaler

• Processor

• Manufacturer

This type of endorsement limits the use of the check to the purpose given in the endorsement.

• Special

• Restrictive

• Blank

A business whose main purpose is to provide a service rather than to make a profit. For example: Hondo Athletic Booster Association or Hondo Band Boosters

• Partnership

• Corporation

• Non-Profit Corporation

• Sole Proprietorship

A business owned by only one person.

• Partnership

• Corporation

• Non-Profit Corporation

• Sole Proprietorship

A written contract granting permission to sell someone else's product or service in a prescribed manner, over a certain period of time, and in a specified territory. Examples in Hondo: Dairy Queen, Radio Shack

• Corporation

• Franchise

• Sole Proprietorship

• Non-Profit Partnership

The tools, equipment, and building that are used to produce goods and services.

• Natural Resources

• Human Resources

• Capital Resources

• Economic Resources

A business owned and managed by a small group, often not more than two or three people. They share the profits, losses, risks, and rewards.

• Corporation

• Non-Profit Corporation

• Sole Proprietorship

• Partnership

The Basic Economic Problem is the conflict between unlimited wants and limited resources. What is another word for that?

• Scarcity

• Services

• Needs

• Wants