Principles of Business Chapter 1

Wants that are widely shared by many people are called ___.

• private wants

• public wants

• needs

• goods and services

Tasks that businesses perform for consumers are known as ___.

• services

• goods

• resources

• fees

Items that people can use to make or obtain what they need or want are called ___.

• materials

• limits

• services

• resources

Resources limit the number of needs and wants people can ___.

• make

• desire

• satisfy

• enjoy

Good choices are easier to make if you use the process of ___.

• identification

• consideration

• decision making

• choice

To identify possible courses of action, you should take time to consider ___.

• pros and cons

• your decision

• alternatives

• the results

Once your decision is put into effect, you should ___.

• relax

• evaluate it

• reconsider

• doubt it

To determine the pros and cons of a decision you should consider ___.

• your values

• your goals

• your choices

• all of these

When buying something, you should use all the decision-making steps ___.

• all the time

• most of the time

• none of the time

• for important purchases

___ usually make the important decisions that affect their companies future.

• Employees

• Middle managers

• Customers

• Higher-level managers