Semester 1 Review

Match the following

• wants

• rivalry among businesses to sell their goods and services

• needs

• things that are required in order to live

• services

• things that add comfort and pleasure to your life

• goods

• things you can see and touch

• competition

• activities provided for the satisfaction of others

Match the following

• market economy

• point where supply and demand are equal

• entrepreneur

• someone who takes the risk to create a new product

• market price

• limited availability of resources

• profit

• private ownership of resources by individuals

• scarcity

• money left over from sales after costs

Match the following

• expenses

• difference between actual and budgeted performance

• talent

• the willingness and ability to move where jobs are

• discrepancy

• the costs of operating a business

• values

• things that are most important to you

• mobility

• a natural, inborn aptitude to do certain things

Match the following

• innovation

• a business that is a separate legal entity

• baby boomers

• people born between 1946 and 1964

• matrix

• an invention or creation that is brand new

• goal

• a precise statement of results a business expects to achieve

• corporation

• a newer organization structure

Match the following

• 70%

• % of US gross domestic product small businesses account for

• 50%

• % of jobs not advertised to the public

• 80%

• % of US businesses that employ more than 100 workers

• more than 50%

• % of jobs currently held by women

• 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