Intro to Business - Economics Unit Review

What is the definition of business?

• The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.

• The activity of making profit by producing and selling consumers goods and services in exchange for money.

• Products created by businesses that you can physically touch and see.

• Work that businesses perform for consumers.

What is the definition of profit?

• An individual who buys goods and services from businesses.

• The money businesses get to keep after paying off expenses.

• The activity of making profit by producing and selling consumers goods and services in exchange for money.

• The contest between businesses to win over consumers.

What are goods?

• The money businesses get to keep after paying off expenses.

• Work that businesses perform for consumers.

• The contest between businesses to win over consumers.

• Products created by businesses that you can physically touch and see.

What are services?

• Products created by businesses that you can physically touch and see.

• The contest between businesses to win over consumers.

• Work that businesses perform for consumers.

• The money businesses get to keep after paying off expenses.

What is competition?

• The contest between businesses to win over consumers.

• The money businesses get to keep after paying off expenses.

• Work that businesses perform for consumers.

• Products created by businesses that you can physically touch and see.

What is the definition of a consumer?

• An individual who buys goods and services from businesses.

• Products created by businesses that you can physically touch and see.

• The contest between businesses to win over consumers.

• The money businesses get to keep after paying off expenses.

What is economics?

• The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.

• The activity of making profit by producing and selling consumers goods and services in exchange for money.

• Products created by businesses that you can physically touch and see.

• Work that businesses perform for consumers.

What are resources?

• Items that people can use to make or obtain what they need and want.

• An individual who buys goods and services from businesses.

• The contest between businesses to win over consumers.

• The money businesses get to keep after paying off expenses.

Select all of the answers which represent a type of economic resource (factor of production)

• Natural

• Human

• Capital

• Entrepreneurial

What is economic activity?

• An individual who buys goods and services from businesses.

• The money businesses get to keep after paying off expenses.

• The contest between businesses to win over consumers.

• The activity of producing and selling of goods or services and making them available to all consumers.