Intro to Business-Chapter1-2021

Business process of creating relationship with and satisfying customers.

• Advertisement

• Marketing

• Market Research

• Market Study

What term refers to people that are responsible for running a business?

• Stockholders
• Officers
• Management

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

Which type of economy involves trading, and doesn't usually use money?

• traditional

• command

• mixed

• market

If the supply of a good is higher than the demand, what happens to the price?

• stays the same

• price increases

• price decreases

Basic things humans need to survive

• want

• import

• need

Extras that make life more enjoyable

• need

• want

• savings

What is supply?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these