Chapter 3 S&E Sports Means Business Review

An economic impact is the effect produced by decisions made by consumers and businesses.

• True
• False

The study of how goods and services are produced, distributed, and consumed is called marketing.

• True
• False

Because people have limited time and money to spend on entertainment, they must make decisions about how to spend their limited resources.

• True
• False

When the physical characteristics of a product or service are improved, it is called possession utility.

• True
• False

Building a company without outside assistance is often referred to as crowdsourcing.

• True
• False

Risks can be classified as controllable, insurable, and involving gain or loss.

• True
• False

Risk retention means purchasing insurance to cover possible losses.

• True
• False

The preparation for an unexpected emergency is called risk management.

• True
• False

An ethical dilemma occurs when a person has to choose between what is right and wrong to do.

• True
• False

A person who exhibits consistent ethical behavior is said to have integrity

• True
• False