Business Principles

Something a person must have to survive.

• iPhone X

• Need

• Service

• Want

Work in the 21st century requires most workers to

• limit their use of technology

• meet the demands of physically challenging work

• think critically, solve problems, and make decisions

• work on specialized tasks in isolation

A good example of ____ would be a hairdresser, plumber, or a person that cuts down trees for a living

• a service business

• a producer

• a retailer

• a wholesaler

First step in the decision making process

• Define the problem
• Choose best alternative
• Identify the choices
• Evaluate Advantages

A ___ is an association of two or more persons who co-own a business with the objective of earning a profit. Examples: Apple-Steve Jobs and Steve Wozniak.

• corporation

• company

• partnership

In economics, people are said to have unlimited

• Needs
• Wants
• Capital
• Influence

Not having enough resources to satisfy every need is

• cutback
• scarcity
• choice
• competitive advantage

3 Economic Resources are

• Natural, human, technical
• Natural, human, capital
• Natural, human, environmental
• Natural, human, coinage

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