Semester 1 Review

Match the following

• competition

• rivalry among businesses to sell their goods and services

• goods

• activities provided for the satisfaction of others

• wants

• things that are required in order to live

• services

• things that add comfort and pleasure to your life

• needs

• things you can see and touch

Match the following

• entrepreneur

• someone who takes the risk to create a new product

• profit

• limited availability of resources

• market price

• point where supply and demand are equal

• market economy

• private ownership of resources by individuals

• scarcity

• money left over from sales after costs

Match the following

• values

• a natural, inborn aptitude to do certain things

• expenses

• the costs of operating a business

• mobility

• the willingness and ability to move where jobs are

• talent

• things that are most important to you

• discrepancy

• difference between actual and budgeted performance

Match the following

• baby boomers

• an invention or creation that is brand new

• innovation

• people born between 1946 and 1964

• matrix

• a newer organization structure

• goal

• a precise statement of results a business expects to achieve

• corporation

• a business that is a separate legal entity

Match the following

• 80%

• % of jobs currently held by women

• more than 50%

• % of US gross domestic product small businesses account for

• 50%

• % of US businesses that employ more than 100 workers

• 70%

• % of jobs not advertised to the public

• less than 1%

• % of small businesses that are home-based

Who can purchase goods and services?

• individuals

• businesses

• neither individuals or businesses

• both individuals and businesses

What is the basic economic need?

• not having enough resources to satisfy every need

• having too many wants and not enough needs

• unlimited resources and unlimited needs

• limited needs and unlimited resources

Who establishes the supply?

• producers

• businesses

• governments

• consumers

Which of the following is the FIRST step in the career planning process?

• application

• personal assessment

• employment market analysis

• career development

How much advance notice should you give your employer when you leave your job?

• two days

• one week

• two weeks

• one month