WorksheetsPrinciples of Business_!
Total questions: 33
Worksheet time: 11mins
The United States is a market economy, meaning
the government owns production
the government has say in all business
individuals and business own means of production
individuals and businesses own homes
Markets are
the arranging of buying and selling of goods
the place where you get groceries
a way the government handles profits
a medium of exchange
Something of value that can be used to obtain goods and services is called
money
medium of exchange
market system
consumers
Resources used in the production of goods and services
natural resources, capital goods, human resources
ingredients, humans
natural resources, capital goods
human resources and natural resources
Economy where the government controls and owns all means of productions
democratic
communist command
communist socialist
market economy
Economy where the government sets production quotas
socialist
traditional
communist command
socialist command
Economy where the government owns some basic means of production
socialist command
democratic command
socialist market
market economy
Profit is
Sales-Expenses
the money made in sales
Expenses- revenue
Sales-revenue
In Market Economies,
the consumers decide on what is produced based on their income
consumers decide on what is produced based on what they purchase
government produces the products
Monopolies decide on production
Profit is a
monetary competition
when expenses exceed sales
monetary reward for taking a risk
monetary reward for not taking a risk
The rivalry between two or more businesses is called
monetary rewards
scarcity
competition
monopoly
In the United States you have
freedom to own, use, buy and sell private property (Private enterprise)
no freedoms to own private property
can't buy or sell anything without a license
to ask for government approval
In a Private Enterprise system
you can spend your money but only on things the government allows
you can spend your money how you choose
you have to spend your money on houses
you have to own property to have income
Direct competition is between
Dwayne Johnson and Kanye West
Dwayne Johnson and Jonas Brothers
Burger King and McDonald's
Cook-out and El Burrito
Indirect competition is when
businesses compete for consumer's money but differ in products
business sell the same products
businesses provide the same services
businesses compete for new products
The Federal Trade Commission
monitors pricing
monitors trademarks
monitors unfair business practices
monitors marketing
Operating expenses are
all human resource expenses
all expenses involved in running a business
profit motive
expenses to make a product
Dwayne Johnson is
a celebrity with a great smile
a big dude who works out a lot
Moana's Dad
The "Rock"
The United States is a market economy, meaning
the government owns production
the government has say in all business
individuals and business own means of production
individuals and businesses own homes
Markets are
the arranging of buying and selling of goods
the place where you get groceries
a way the government handles profits
a medium of exchange
Something of value that can be used to obtain goods and services is called
money
medium of exchange
market system
consumers
Resources used in the production of goods and services
natural resources, capital goods, human resources
ingredients, humans
natural resources, capital goods
human resources and natural resources
Economy where the government controls and owns all means of productions
democratic
communist command
communist socialist
market economy
Economy where the government sets production quotas
socialist
traditional
communist command
socialist command
Economy where the government owns some basic means of production
socialist command
democratic command
socialist market
market economy
Profit is
Sales-Expenses
the money made in sales
Expenses- revenue
Sales-revenue
In Market Economies,
the consumers decide on what is produced based on their income
consumers decide on what is produced based on what they purchase
government produces the products
Monopolies decide on production
Profit is a
monetary competition
when expenses exceed sales
monetary reward for taking a risk
monetary reward for not taking a risk
The rivalry between two or more businesses is called
monetary rewards
scarcity
competition
monopoly
In the United States you have
freedom to own, use, buy and sell private property (Private enterprise)
no freedoms to own private property
can't buy or sell anything without a license
to ask for government approval
In a Private Enterprise system
you can spend your money but only on things the government allows
you can spend your money how you choose
you have to spend your money on houses
you have to own property to have income
Indirect competition is when
businesses compete for consumer's money but differ in products
business sell the same products
businesses provide the same services
businesses compete for new products
Operating expenses are
all human resource expenses
all expenses involved in running a business
profit motive
expenses to make a product
