Introduction to Business and Economics

_____________ is all the tools, equipment, and machinery used to produce goods or provide services.

• Land

• Labor

• Capital

• Entrepreneurship

All of the following are factors of productions except...

• Entrepreneurship

• Labor

• Land

• Supply

Employers seek workers who are ____________________.

• Stubborn and insistent on changing all of the rules.

• Knowledgeable about how business operates.

• Trained to follow instructions.

• Sleepy but productive.

Benefits created by business are?

• providing products, creating markets, and generating economic benefits

• money, fame, and clean living

• providing markets, creating customers, and eliminating jobs

• providing products, creating wealth, and making money

A product is _______________________.

• Anything that looks pretty and is sold in a department store.

• Anything that is given away for free.

• Anything that can be bought or sold.

• Anything that has a high value.

What is an action or task that can be performed, usually for a fee?

• A benefit

• A good

• A circus

• A service

A customer that purchases goods or services for their own use is a ______________?

• Consumer

• Lawyer

• Merchant

• Customer

Something that a person needs to survive is a _____________.

• Want

• Desire

• Need

• Car

Something that a person desires, but can live without is a _____________.

• Claim

• Need

• Bad day

• Want

A market does not need to be a physical place.

• True

• False