INTRO TO BUSINESS SEMESTER 1 FINAL - (CH 1-5, STOCK, CH 13)

In a basic economic system, what primarily drives the prices of goods and services?

• A. Government regulations.

• B. Consumer demand and product supply.

• C. The number of businesses in the market.

• D. International trade policies.

What is the main purpose of a business plan?

• A. To track the performance of competitors.

• B. To outline the strategic vision of a business, including goals and how to achieve them.

• C. To document the social responsibilities of a business.

• D. To provide a guide for customer service.

For businesses to stay successful, they must offer

• quality products

• competitive prices

• outstanding service

• all of the above

Market research provides information that can help a business

• identify opportunities

• evaluate demand

• respond to market goods and services

• all of the above

________ refers to the quantity of a good or service that businesses are willing and able to provide.

• Demand

• Supply

• Market Price

In a ________ the resources are owned and controlled by the government.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

The first step in the decision-making process is to _______

• Identify your choices

• Define the problem

• Evaluate Alternatives

• Review your choice

Products and money used in the production of goods and services are called Natural Resources

• True

• False

A demand curve illustrates the relationship between quantity demanded of a product and ________.

• Profit

• Price

• Production Cost

There are three (3) main types of business organizations: sole proprietorships, partnerships, and corporations. (a)  

• True
• False