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WorksheetsBusiness Environment Ch1
Total questions: 40
Worksheet time: 40mins
Anywhere a business exchange takes place.
economics
customer
market
scarcity.
product
An individual or group who buys products.
economics
customer
market
scarcity.
product
A science that examines how goods and services are produced, sold, and used.
economics
customer
market
scarcity.
product
Anything that can be bought and sold.
economics
customer
market
scarcity.
product
When demand is higher than the available resources.
economics
customer
market
scarcity.
product
An action or task that is performed, usually for a fee.
business
profit
capitalism
factors of production
service
A term for all the activities involved in developing and exchanging products. Introduction to Business and Economics.
business
profit
capitalism
factors of production
service
An economic system where the economic resources are privately owned by individuals rather than the government.
business
profit
capitalism
factors of production
service
Money that a business has left over after all the expenses and costs of running the business are paid.
business
profit
capitalism
factors of production
service
The economic resources a nation uses to make goods and supply services for its population.
business
profit
capitalism
factors of production
service
Products are commonly known as _____.
needs and wants
goods and services
factors of production
functions of business
Utility describes the characteristics of a product that satisfy _____.
scarcity
needs and wants
opportunity costs
supply and demand
Which of the following is not a function of business?
Capitalism
Marketing
Finance
Production
Entrepreneurs take risks to start and run _____.
economic resources
opportunity costs
factors of production
businesses
The value of the next best option that is not selected is _____
profit
standard of living
opportunity cost
time utility
Which of the following is not an important economic question related to scarcity that every nation must answer?
What should we produce?
How should we produce it?
For whom should we produce it?
What are the factors of production?
In a _____ economy, individuals free to make their own economic decisions
market
command
centrally-planned
traditional
The market price for a product is determined at a point where _____.
demand exceeds supply
supply exceeds demand
supply equals demand
there is both a shortage and surplus
When demand for a product becomes greater than available supply, a(n) _____ develops.
surplus
shortage
equilibrium
competition
The driving force in choosing to start a business is _____
supply and demand
market forces
competition
profit
A(n) _ is something a person must have to survive.
(a)
_ utility is added when products are available at convenient places.
(a)
A(n) _ is when something is given up in order to gain something else.
(a)
The government makes all the economic decisions for its citizens in a _economy.
fixed
voodoo
command
mixed
The price of product is determined by the law of _
debt and excessive amounts
supply and demand
onions and garlic
pretzels and soda-pop
What is a customer? Why must a successful business be focused on the customer? Answer: Type in your own word for full credit. : A customer is a dude or a group of dudes and dudets, who purchase stuff from somewhere. The Biz Place try to make the customer happy , needs and wants to create satisfied customers. Customers allow a biz to make cash or profit.
value of the digit 3 in 27,305,664
millions
hundred thousands
value of the digit 2 in 27,305,664
millions
ten millions
15% of 80
15
12
value of the digit 3 in
23904
thousand
hundredths
This characteristic of a mixed economy states that the vast majority of labor, resources, and capital goods are owned by individuals rather than by the government.
Private Property
Freedom of enterprise and choice
Motive of Self-Interest
Competition
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Apply the order of operations and choose the correct answer: 30 + (16/2)
In a blank Excel sheet type =30+(16/2)
Please Excuse My Dear Ant Sally
PEMDAS
Apply the order of operations and choose the correct answer: 5 x (6+4) x 5
Hint in Excel, any cell Type =5*(6+4)*5
