Business

True or False?

Needs and Wants can be the same thing.

• True

• False

Every business should have ______________?

Tariffs are:

• Fees on domestic products.
• Taxes on imported goods.
• Subsidies for local businesses.
• Regulations on service industries.

needs are:

• Essential requirements or desires.
• Optional preferences or choices.
• Unnecessary luxuries or wants.
• Irrelevant distractions or hobbies.

Which are examples of wants?

• Car

• Smartphone

• Designer Clothes

• Shelter

• Water

Every business must accomplish which of the following:

• Produce or provide goods/services

• Obtain venture capital

• Issue corporate bonds

• Trade or sell business assets/property

Taxes imposed by a government on imported or exported goods are called _________.

• trade fees
• sanctions
• embargoes
• tariffs

BONUS POINTS! (20 pts.)

What is the primary objective of supply-side economic policies?

• To increase consumer demand

• To reduce government debt

• To increase production and supply of goods and services

• To control inflation

Taxes imposed by a government on imported or exported goods are called _________.

• trade fees
• sanctions
• embargoes
• tariffs

You get _______ from other countries.