WorksheetsBusiness & Economic Basics
Total questions: 22
Worksheet time: 17mins
Define Goods
things you bought
delicious candy
pizza
products created by businesses that you can physically touch and see
Define Services
work that businesses perform for consumers
hot air balloon
a stapler
a type of shirt
Define Consumer
a doctor
a bus driver
a babysitter
an individual who buys goods and services from businesses
Define profit
the money businesses get to keep after paying off expenses. Profits are a measure of the value it creates in society
The management of making hamburgers at McDonalds
Profits are a measure of the value it creates in society
Finding the best taco in town
Define Economics
money making
the study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources
the study of profit coming in and going out
making ice cream at Salt & Straw
Define Economic Activity
selling at the Saturday Market
buying oranges at a Farmer's Market
the activity of producing and selling goods or services and making them available to all consumers
lunch at Red Robin
Define Resources
people broke into 3 categories
a sub sandwich with extra pickles
car parts that help fix your car
something that you can obtain when you need it. It is usually broken down into 3 categories
Define Limited Resources
not having money to buy items
not finding what you want for lunch
not being able to satisfy all of your wants and needs because resources are scarce
not being able to satisfy all of your wants and needs because you have your eyes closed
What do businesses try and fulfill for consumers?
(a)
What are 3 resrouces?
(a)
You are a manager of a burger fast food joint and you are running low on hamburger patties and you also would like to get your employees new uniforms. The issue is you only have $500 left to spend in your monthly budget. What should you spend your $500 on? Why?
Why is competition good for businesses and consumers?
Which of the following explains why businesses must fulfill needs first, then wants?
Limited Resources
The government requires it
Consumers
Unlimited Resources
Businesses need to make the most of their limited resources by asking themselves which questions?
What materials do we need to buy?
How do we produce these goods?
Who are we providing these products for?
Businesses decide what goods and services to provide based off of what you want and need.
True
False
Your wants never change.
True
False
The motive of business is to make profit and add value to society.
True
False
Businesses help the economy by providing people jobs.
True
False
You are considered a consumer if you purchase and use a product or service.
True
False
A company can survive without profit.
True
False
Businesses are hurt by competition.
Fasle
True
Define Business
selling
buying
making profit by producing and selling consumers goods and services in exchange for money
exchange for money
