Introduction to Business- Chpt 1

An action or task that is performed, usually for a fee

• a service

• a good

• a business

• a favor

The price of a product is determined by the law of _________

• supply and demand

• wins and losses

• ethics

• business and trade

A(n) _______ is something a person must have to survive

• Need

• Want

• Spouse

• Education

An individual or group that buys a product is called a

• Loser

• Customer

• Buyer

• Seller

What is the basic economic problem?

• unlimited wants cannot be filled with limited resources

• Rich people vs poor people

• Donald Trump

• Limited wants can be filled with unlimited resources

People who start businesses are.......

• Crazy

• Bosses

• CEO's

• Entrepreneurs

Which of the following is not one of the four factors of production?

• Land

• Labor

• Capital

• Entrepreneurship

• Resources

All economic resources are limited, but needs and wants are ____________

• Scarce

• Unlimited

• Limited

• Non-existent

The __________ function of business is responsible for the activities involving money

• Production

• Finance

• Management

• Accounting

___________ are money earned in exchange for work

• barter system

• blood, sweat and tears

• standard of living

• wages