Intro to Business Chapter 4 & 5

Businesses are innovative forces in the economy.

• True

• False

Competition leads to goods and services being offered at various quality levels that consumers want.

• True

• False

Business owners can benefit from business by getting the opportunity to grow and be their own boss.

• True

• False

Employees benefit from business by getting to earn money while working and training programs offered by employers.

• True

• False

Government doesn't benefit from business.

• True

• False

The U.S. economic system is often called a private enterprise system

• True

• False

In the United States, most economic resources are owned by individuals or groups instead of the government.

• True

• False

The private enterprise system is also known as the free enterprise system.

• True

• False

Which of the following are features of a private enterprise system?

• Freedom to buy

• Freedom to produce

• Freedom to choose a job

• All of these are correct

Businesses are motivated by the needs and wants of consumers because people have choices and the freedom to choose what they buy.

• True

• False