Intro to bus. ch. 1

Organize these options into the right categories:

Groups:

(a) unlimited

,

(b) limited

• capital resources

• water

• needs

• human labor

• trees

• wants

Material or tangible things that can be weighed or measured.

• Needs

• Wants

• Goods

• Services

Things we must have to survive.

• Needs

• Wants

• Goods

• Services

Things we wish we could have.

• Needs

• Wants

• Goods

• Services

The amount of money left over after a business has paid for the cost of providing its good and services.

• Business

• Profit

• Competition

• Consumer

A person who selects, purchases, uses or disposes of goods or services.

• Business

• Profit

• Competition

• Consumer

The contest between businesses to win customers.

• Business

• Profit

• Competition

• Consumer

What is the first step in the Decision Making Process?

• Evaluate Your Decision

• Make the Best Decision

• Identify the Problem

• Determine the Pros & Cons

• List the Alternatives

What is the second step in the Decision Making Process?

• Evaluate Your Decision

• Make the Best Decision

• Identify the Problem

• Determine the Pros & Cons

• List the Alternatives

What is the third step in the Decision Making Process?

• Evaluate Your Decision

• Make the Best Decision

• Identify the Problem

• Determine the Pros & Cons

• List the Alternatives