Font size
WorksheetsIntro to Business - Economics Unit Review
Total questions: 14
Worksheet time: 7mins
What is the definition of business?
The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.
The activity of making profit by producing and selling consumers goods and services in exchange for money.
Products created by businesses that you can physically touch and see.
Work that businesses perform for consumers.
What is the definition of profit?
An individual who buys goods and services from businesses.
The money businesses get to keep after paying off expenses.
The activity of making profit by producing and selling consumers goods and services in exchange for money.
The contest between businesses to win over consumers.
What are goods?
The money businesses get to keep after paying off expenses.
Work that businesses perform for consumers.
The contest between businesses to win over consumers.
Products created by businesses that you can physically touch and see.
What are services?
Products created by businesses that you can physically touch and see.
The contest between businesses to win over consumers.
Work that businesses perform for consumers.
The money businesses get to keep after paying off expenses.
What is competition?
The contest between businesses to win over consumers.
The money businesses get to keep after paying off expenses.
Work that businesses perform for consumers.
Products created by businesses that you can physically touch and see.
What is the definition of a consumer?
An individual who buys goods and services from businesses.
Products created by businesses that you can physically touch and see.
The contest between businesses to win over consumers.
The money businesses get to keep after paying off expenses.
What is economics?
The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.
The activity of making profit by producing and selling consumers goods and services in exchange for money.
Products created by businesses that you can physically touch and see.
Work that businesses perform for consumers.
What are resources?
Items that people can use to make or obtain what they need and want.
An individual who buys goods and services from businesses.
The contest between businesses to win over consumers.
The money businesses get to keep after paying off expenses.
Select all of the answers which represent a type of economic resource (factor of production)
Natural
Human
Capital
Entrepreneurial
What is economic activity?
An individual who buys goods and services from businesses.
The money businesses get to keep after paying off expenses.
The contest between businesses to win over consumers.
The activity of producing and selling of goods or services and making them available to all consumers.
When you are making decisions should you satisfy needs or wants first?
Needs
Wants
You have a lemonade stand and bought supplies for 5 dollars. You told your younger sister that if she would help you run the lemonade stand, you would pay her 10 dollars. She agreed to help. After the lemonade stand ended, you made 25 dollars. How much profit did you end up making?
$25
$20
$15
$10
Businesses need to make a profit in order to stay open.
True
False
What is our biggest economic problem?
internet fees
limited resources
unlimited resources
labor surplus
