2022_IN CLASS ONLY_ Business Essentials FINAL review

A group of customers who share a common wants and needs, and who have the ability to purchase a particular product.

• Market

• Free Market

• Mixed Market

• Marketing

A stand-alone business owned by one individual, making it the simplest form of business to start and operate.

• Partnership

• Sole Proprietorship

• LLC

• Corporation

Brent wants to buy Drew’s car and they agree and make a contract. Josh comes in and tells Brent that Drew’s car is unreliable, the engine is about dead, and that this is not a good deal. Brent breaks his contract with Drew. Drew is so upset he decides to sue Josh for the Tort of

• Defamation

• Fraud

• Interference with Contractual Relations

• Embezzlement

An economic system where prices are determined by competition between businesses, no interference with the government.

• Command Economy

• Mixed Economy

• Market Economy

• Tridiagonal Economy

Everything above the supply and demand lines on a graph is identified as

• Price

• Quantity

• Surplus

• Scarcity

Select the correct option for what you should write in for your high school on a job application.

• ONW

• olathe northwest high school

• Olathe North West High School

• Olathe Northwest High School

There are ___ elements to a contract?

• 6

• 8

• 5

• 4

Which element of a contract specifies the elements being agreed to within he contract? (Things of value being agreed upon)

• Capacity

• Legality

• Consideration

• Sources

When a lawsuit is filed, a _____ has occurred.

• Tort

• Crime

• Capital

• Lawsuit

The 4Ps can also be called

• The Marketing Mix

• The Marketing Segmentation

• The Marketing Plan

• The Marketing Equation