Chapter 1: Business Concepts Review/ Study Guide

What is the difference between goods and services?

Explain the concept of business in one to two sentences. What is the goal of business?

List the types of business activities and provide an example of each.

What is a market? List three examples of markets.

In what ways do businesses generate economic activity?

Identify and explain the three types of economic resources and provide an example of each.

How do businesses raise the standard of living?

What is economic activity and how do you participate in it?

What is the role of business in society?

Explain the nature of business ethics and why it is important.