Which of the following items would be considered a non-economic want:

Demand is the quantity of a good or service that buyers are ready to buy at a given price at a particular time.

The three economic questions each organization must answer are:

1. What should be produced?

2. How should it be produced?

3. ___________________________?

Tangible objects that can be manufactured or produced for resale are called ___________.

A local dry cleaner that also launders and presses shirts is selling ___________________.

Hurricane Floyd led to increased losses for insurance companies. What is this type of risk?

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is known as __________________.

A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of ___________________.

Sunlight, air, and water are __________________ resources.

________________ are people who work to produce goods and services.

An economic system in which all or many of the means of production an distribution are owned and controlled by the government is called a _________________________.

What is a command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution called?

What is the organized way in which a country handles its economic decisions and solves its economic problems called?

What is an economic system called in which individual and groups, rather than government, own or control the means of production called?

What type of economic system is it where the government owns the basic means of production and allows private ownership of businesses called?

What type of economic system is it when people produce only what they must have in order to exist - all economic decisions are based on habit and tradition?

In a private enterprise economic system, the interaction of supply and demand primarily determines___________?

What do economists call the intersection of a demand curve and a supply curve?

A business that begins selling winter holiday decorations in late autumn is creating what type of utility?

If Summer wants something but doesn't need it or require it, what would that be called?

What is the usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer?

The production activities include:

What production activity evaluates products to make sure that the products the business produces meet certain quality standards?

What is one of the most important components of the production process?

Jennifer is designing a new style of bracelet to sell at school to raise money for FBLA. She has sold so many bracelets that she has assigned other members of FBLA to assist her in making the bracelets. Which production activity step is this?

An ______________ is an unexpected happening that may result in injury, loss, or damage?

What type of occupational hazard is caused by exposure to chemicals in the workplace?

What is it called when employers fulfill the requirements of the law?

Which government agency that writes and enforces safety and health standards for businesses?

What type of circumstance can cause harm with or without contact?

__________________ is the possibility of loss (failure) or gain (success).

__________________ is freedom from danger, risk, or injury.

Any chemical found in a solid form is a _________________.

The tiny drops of liquid that are suspended in the air are called ______________.

________________________ are wet or oily surfaces that can cause falls.

A person may fall or have objects fall on them if they are in which type of location?

Work that requires doing the same actions over and over again may cause injury over time is called __________________.

A person can be rolled on, run over, or crushed by large machinery or heavy machinery.

If one is overexposed to cold or trapped in a cold place it may cause frostbite, hypothermia, or potentially death?

By law, employers required to provide a safe and healthy workplace:

________________ changes the shapes or forms of materials so that they will be useful to consumers

____________________ is the ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales

_________________ are intangible activities that are performed by other people for money.

___________________ (vendors) - businesses from which other businesses buy goods or services

_____________________- a promise made by the seller to the consumer. The seller promises to repair or replace a product if it does not perform as expected.

______________________ - intermediaries who help move goods between producers and retailers by buying from producers and selling to retailers.

What is it called when Purchasing Specialists take a series of sequential steps to buy goods and services for a business?

What is the first step in maintaining an inventory of supplies for the business?

Princess, who owns a small home-appliance store, is in the process of placing an order for 12 refrigerators, 8 stoves, and 4 portable dishwashers. Mark is purchasing the refrigerators for $674.98 each, the stoves for $493.22 each, and the portable dishwashers for $284.83 each. What is the TOTAL cost of the stoves that Mark is purchasing?

Maintaining an inventory of supplies helps a business to _________________.

Which question should be answered by the purchasing function?

By purchasing just the quantity of supplies that is needed, purchasing can:

Timothy compares the prices offered by different vendors for the same goods and services. Which part of the purchasing process is Timothy involved in?

Some businesses use an automatic reorder system to maintain an adequate _______________:

What is the buying of goods and services called?

What are the 4 functions of management?

Are the Functions of Management centered around goals for an organization.

Which function of management is creating goals and planning to achieve them?

Which function of management assigns roles and responsibilities to personnel to achieve the goals created in the planning stage?

Which function of management motivates and influences employees to achieve business goals?

Which function of management evaluates the execution of the plan and makes adjustments to ensure the goals are met?

A retail store employee puts a pair of shoes on a customer and asks the customer if the shoe fits right.

A retailer decides to mark down the store's selection of swimsuits in August

A team of workers approach customers in a mall to ask them their opinion about the upcoming political election and the candidates running for office is performing what type of function?

Choose the type of function used when a television commercial stresses the benefits of buying a new protein bar. It is ___________________.

Choose the function for the following scenario:

LMN company uses information from its sales records to reduce its product line by eliminating the products that did not sell well in the past two years.

Choose the type of function for the following:

A small manufacturer applies for a bank loan in order to upgrade its computer network.

A manufacturer of apparel signs a contract with a company that specializes in trucking and warehousing of imported goods - what is this type of function?

Samuel works in marketing research. His main job is to gather data from focus groups and analyze it to discover marketing trends and customer buying patterns. Which type of function is Samuel performing?

Lisa is responsible for checking in all inventory at Subway and making sure the food products get rotated and stored properly. Which type of function is Lisa performing?

Which function requires a company to budget for its own marketing activities and assists customers in paying for the company's products?

What is the process of establishing and communicating to customers the value of cost of goods and services called?

_____________________ - obtaining, developing, maintaining, and improving a product or product line to respond to customer needs and wants.

____________ = any form of communication used to inform, persuade, or remind people about a business's products

_____________Any direct and personal communication with customers to assess and satisfy their needs and wants - involves not only satisfying customers but also anticipating their future needs.

Making decisions about where to sell the product, how it gets there, and storage for the product