Business in Today’s World Quiz

What are wants?

• Things we must have to survive

• Things we wish we could have

• Items that are necessary for daily life

• Tasks done for you by people or machines

What is the most basic need?

• Clothing

• Food

• Shelter

• Transportation

What is the opportunity cost?

• The time taken to make a decision

• What you give up when making a choice

• The satisfaction gained from a choice

• The money spent on a choice

What do businesses aim to do?

• Satisfy all consumer wants

• Profit from goods and services

• Limit their production

• Provide services for free

What is marketing research used for?

• To identify potential customers

• To reduce the number of goods produced

• To eliminate competition

• To increase production costs

What is a resource?

• A type of good

• Anything used to make or obtain what is needed

• A service provided to consumers

• A type of marketing strategy

What role do consumers play in business?

• They set prices for goods

• They manage businesses

• They evaluate costs and values of products

• They create products

What is ability?

• A type of job market

• Natural talent

• A physical or mental activity performed well

• A skill learned through experience

What is a career cluster?

• A group of unrelated jobs

• A group of related occupations requiring similar skills

• A type of business organization

• A method of marketing products

What do values influence?

• The marketing strategies used

• The amount of money spent

• The types of goods produced

• The decisions made regarding time, energy, and money