Grade 10 Business Chapter 1 & 2 Review

A business that is run for profit ​ (a)   and a business that is a not-profit business ​ (b)   and is ​ (c)  

• sells goods and services to make money
• offers goods & services for a specific goal
• not getting more money than needed
• makes the owner very rich
• makes the owner very poor
• only for raising money for poor people
• is greedy

How does consumer influence what goods or services businesses offer?

The 4 characteristics of an entrepreneur are: ​ ​ (a)   ​ (b)   ​ (c)   ​ (d)   ​

• multitask
• social skills
• self-confidence
• getting work done
• kind
• smart
• greedy
• good at making money
• organized

Put the 5 steps of the decision making model in order:

• Identify Alternatives

• Define the Decision

• Evaluate Alternatives

• Evaluation Decision

• Take Action

Three types of economic resources are:

• Human, Profit, Reusable

• Human, Natural, Capital

• AI, Natural, Deficit

• Entreprenuer, Gold, Stock Market

Organize the following examples into the type of economic resource they represent:

Groups:

(a) Human

,

(b) Natural

,

(c) Capital

• Tools

• Money

• Desert

• Forest

• Mountain

• River

• Firefighter

• Tree

• Doctor

• Proprietary Software

• Machinery

• Teacher

• Nurse

• Buildings

• Police

• Vehicles

• Ocean

• Inventory

• Engineer

When money increases, supply increase and when money decreases, supply decreases is demonstrating which Law?

• Law of Diminishing Marginal Utility
• Law of Demand
• Law of Supply
• Law of Equi-Marginal Utility

When the cost decreases, the demand for the item goes up. When the cost increases, the demand for the item goes down demonstrates with law?

• Law of supply
• Law of demand
• Law of equilibrium
• Law of scarcity

If a company's demand for a good or service is high while the supply of that same good or service is low, prices will tend to be: ​ ​ (a)  

• higher because the company needs to make a profit.
• higher because companies are greedy
• lower because they can sell alot of them

If a company's demand for a good or service is high, prices will tend to be: ​ (a)  

• lower, so a high number of people will buy it
• higher as the company has to pay more employees
• lower because nobody wants the product