Intro to Business Week 1 REVIEW

What is BUSINESS?

• the activity of making profit. by producing. and selling. consumer goods and services in exchange for money

• products created by business that you can physically touch and see

• work that businesses perform for consumers

• an individual who buys goods and services from businesses

Products created by businesses that you can physically touch and see

An individual who buys goods and services from businesses is a(n)...

• shopper

• buyer

• consumer

• producer

Which of the following are NATURAL resources?

• books

• apples

• trees

• paper

The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources

The three categories of resources are:

• money

• cars

• labor

• materials

What is the issue of having unlimited wants and needs?

A business owned by one person

• partnership

• sole proprietorship

• corporation

• LLC

Owners are also known as shareholders in this business organization.

• corporation

• partnership

• sole proprietorship

Which ones are characteristics of non-profit organizations?

• have no owners

• have to split debt with partners

• purpose is something other than making a profit

• multiple owners/shareholders