Business Intro

What is an example of a service provided by a business?

• Selling groceries

• Offering phone plans

• Building roads

• Teaching in schools

If the revenue is $100 and the costs are $40, what is the profit?

• $60

• $140

• $40

• $100

In the example given, what is the cost of supplies?

• $10

• $6

• $4

• $0

Why might more ice cream trucks come out on hot days?

• Because people want less ice cream

• Because people will pay more

• Because ice cream is cheaper

• Because there is less demand

Which scenario best illustrates the concept of supply?

• A store reducing prices to clear stock

• A factory producing more goods due to high demand

• A seller increasing production because prices are high

• A buyer purchasing more because prices are low

What is an example given for increased demand due to lower prices?

• More people buy video games when they're on sale

• More people buy cars when they're expensive

• More people buy clothes when they're not on sale

• More people buy food when prices rise

What does the game controller icon in the diagram represent?

• Demand for video games

• Demand for electronics

• Demand for toys

• Demand for sports equipment

Which step focuses on attracting people to buy your product or service?

• Identify something people need or want

• Plan how to make or provide it

• Find customers

• Calculate costs and prices