Intro to Business Ch. 1 Review

Tasks that businesses perform for consumers

• Needs

• Services

• Wants

Things that you must have in order to survive

• Needs

• Wants

• Resources

Physical products

• Goods

• Services

• Needs

An example of a public want is a family wanting a new car.

• True

• False

Unlike goods, services are performed for free.

• True

• False

Competition among businesses hurts the consumer.

• True

• False

Most people have unlimited wants for goods and services.

• True

• False

Wants that are shared by many people are

• Group wants

• Public wants

• Shared wants

Competition forces businesses to

• Decide how to best use and conserve their resources

• Drive their competitors out of business

• Lower their prices

For businesses to stay successful, they must offer

• Quality products

• Competitive prices

• Outstanding service

• All of the above