Business and Economics Quiz - Intro to Bus

What are the things we wish we could have?

• Needs

• Desires

• Wants

• Resources

Which of the following is an example of a private want?

• Access to clean water

• A new car

• Public transportation

• Education

What are items which can be physically weighed or measured?

• Goods

• Services

• Resources

• Scarcity

What is the function of business?

• To produce and distribute goods and services to consumers

• To satisfy unlimited wants with limited resources

• To make choices based on values and goals

• To organize, manage, produce, and market

What is the cost of the next best alternative when making a decision?

• Opportunity Cost

• Scarcity

• Value

• Goal

What is something very important in your life?

• Opportunity Cost

• Scarcity

• Value

• Goal

What is the first step in the decision-making process?

• Identify the problem

• List the alternatives

• Determine the pros and cons

• Make the best decision

What is the role of a consumer in the business world?

• To organize and manage resources

• To produce goods and services

• To evaluate decisions

• To use buying power to support or reject businesses

What is a group of related occupations in an industry or field that requires similar skills?

• Wants

• Needs

• Desires

• Career Cluster

What does a business do when it organizes people and machinery to make a product?

• Organize

• Manage

• Produce

• Market