MGT100 - Econ

Which of the following is a benefit for studying business.

• helps choose a career

• to become a successful employee

• start your own business

• become a better informed consumer & investor

Which function of business deals with the recording and analyzing of money?

• Management

• Accounting

• Operations

• Marketing & Sales

Business' main objective is to

• make money

• sell products

• satisfy the wants/needs of the customer

• organize individuals

Which of the following is NOT a business resource.

• human

• technological

• informational

• material

Revenue - Expenses =

• profit

• income

• sales

• gross profit

The study of how we create & distribute wealth

• marketing

• capitalism

• economics

• accounting

The study of wealth decisions made by individuals & businesses.

• macroeconomics

• microeconomics

• economics

• factors of production

Which of the following is a basic economic question?

• What to produce?

• How to produce?

• Who gets what is produced?

• Who is in control of the factors of production?

The idea of having unlimited wants and needs, but limited resources

• economics

• supply & demand

• capitalism

• scarcity