2024-2025 Intro to Business Section 1.2 Vocabulary Quiz

a science that examines how goods and services are produced, sold, and used

• Economics
• Physics
• Chemistry
• Biology

the economic resources a nation uses to make goods and supply services for its population

• Capital goods
• Labor force
• Gross domestic product
• Factors of production

work performed by people

• Mechanical labor
• labor/human resources

• Robotic effort
• Automated work

the products businesses use to produce other goods

• Capital goods
• Finished goods
• Consumer goods
• Intermediate goods

the willingness and ability to start a new business

• Innovation
• Management
• Marketing
• Entrepreneurship

when demand is higher than the available resources

• Abundance
• Scarcity
• Excess
• Plenty

when something is given up to gain something else

• bargain
• compromise
• trade-off
• exchange

the value of the next best option that was not selected

• alternative cost
• substitute cost
• replacement cost
• opportunity cost

an organized way in which a nation chooses to use its resources to create goods and services

• Biology
• Mathematics
• Chemistry
• Economic Systems

actions taken by two or more companies to attract the same customers

• Competition

• Non-competitive marketing strategies
• Cooperative marketing strategies
• Collaborative marketing strategies