Intro to Business Ch 1

What drives the economy?

• Resources

• Consumers

• Wants and Needs

• Goods and Services

Which question is NOT true of public wants?|

• They are often considered private

• They are widely shared by many

• Examples include highways and parks

• Government satisfies public wants

What is a name for items people can use to make or obtain what they need or want?

Which is true of resources?

• Resources are unlimited

• Businesses and government lack resources

• Insurance and tourism are examples of resources

• Resources are limited

What is step 3 of the decision making process

• Evaluate your decision

• Determine the pros and cons

• Make a decision

• Identify the situation

Once you have made a decision, what would be the best question to help you evaluate your decision?

• What is the problem and what are my options?

• What are my needs and wants?

• What resources are available to me?

• Would I make the same choice again?

When making a business decision, which one is true?

• They should be consistent with their goals

• They should consume the most resources available

• They should be made without regard for consequences

• They should be made independently

A business is...

• the money left over after a business has paid the cost of providing its goods and services

• the contest between businesses to win customers

• any commercial activity that seeks profit by providing goods and services to others in exchange for money

• a person who uses goods or services

The money remaining after costs have been paid is....

• Competition

• Profit

• Market Research

• Consumer

Which is true of businesses? (more than one answer)

• They pay taxes and provide jobs

• The wealth they create benefits the entire community

• They are rewarded with profits by satisfying consumers

• They can survive without profits