AICE Business Unit #1

Increasing the difference between the cost of bought-in inputs (materials) and the selling price of finished goods is

• creating value

• adding value

• added value

• profit

An individual who has the idea for a new business, starts it up and carries most of the risks but benefits from the rewards.

• Intrapreneur

• Manager

• Entrepreneur

• CEO

The resources needed by business to produce goods or services.

• Capital Goods

• Labour

• Enterprise

• Factors of Production

Increase in gas prices and inflation are just two ways in which a car company could be impacted by the dynamic business environment:

• True

• False

Seed to Table (Oakes Farms) is an example of a ______ business.

• Local

• National

• International

• Multinational

Enterprise benefits a country's economic development by:

• Creating jobs

• Importing goods from other countries

• Social unrest

• Stagnant technology

Farming is an example of

• Primary sector business activity

• Secondary sector business activity

• Tertiary sector business activity

• Subsistence

Organizations accountable to and controlled by state government are

• Public sector organizations

• Private sector organizations

Businesses owned and controlled by individuals or groups of individuals are

• Public sector organizations

• Private sector organizations

This type of economy exists when economic resources are owned and controlled by both private and public sectors

• Free market economy

• Command economy

• Mixed economy