Unit 1 Quizs

The point of equilibrium is when

• Supply and demand are the same

• Supply exceeds demand

• Demand exceeds supply

• Prices are at their highest

An individual or group who buys a product

• Client

• Consumer

• Customer

• Buyer

An action or task that is performed, usually for a fee

• Service

• Product

• Goods

• Commodity

The type of economy where both the government and individuals make decisions about economic resources

• Capitalist Economy

• Socialist Economy

• Mixed Economy

• Traditional Economy

All activities that identify, anticipate, and satisfy customer demand while remaining profitable

• Sales

• Advertising

• Marketing

• Public Relations

The type of utility that refers to having the items you need in one convenient location

• Place

• Space

• Location

• Area

The action taken by two or more businesses attempting to attract the same customers

• Collaboration

• Competition

• Monopoly

• Diversification

The factor of production that refers to the work performed by people in organizations; human resources

• Capital

• Land

• Labor

• Entrepreneurship

All business activities that involve money

• Finance

• Marketing

• Human Resources

• Operations

Anything that can be bought or sold

• Product

• Service

• Asset

• Commodity