FINAL- Business & Economics

What is the primary purposes of a business? (HINT: There are two answers.)

• To make money for the owners
• To provide goods and services to a market
• To employ as many people as possible
• To grow as large as possible

Which of the following is considered a 'need'?

• A new smartphone
• A good night's sleep
• A vacation to the beach
• A meal

Which of these is an example of a 'service' provided by a business?

• Selling shoes
• Manufacturing computers
• Cutting hair
• Growing apples

If there is high demand for a product but low supply, what will happen to the price?

• The price will stay the same
• The price will go down
• The price will go up
• The product will be rationed

Which market type is historically based on local custom and culture?

• Free market
• Command market
• Mixed market
• Traditional market

In a 'free market' system, who primarily determines prices?

• The government
• The business owners based on supply and demand
• The consumers
• A central planning committee

Which economic system involves the government controlling most aspects of the economy?

• Capitalism
• Socialism
• Communism
• Mixed economy

Which is an example of 'private ownership' in an economic system?

• Workers collectively owning a business
• The government owning all businesses
• One person owning and operating a small shop
• No one owning private property

In a 'sole proprietorship', who makes all the business decisions?

• A group of partners
• A board of directors
• The government
• The single owner

Which market type combines elements of both free and command markets?

• Traditional market
• Free market
• Command market
• Mixed market