Business Essentials

Question 1

There are two main divisions of _______industry

Answer 1

TRADE

Question 2

A business that buys consumer goods or services and sells them to the ultimate consumer

Answer 2

RETAIL

Question 3

Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers.

Answer 3

Whole Sale

Question 4

Wants are?

Answer 4

UNLIMITED

Question 5

Economic wants?

Answer 5

Cost Money

Question 6

Noneconomic Wants?

Answer 6

DO NOT COST MONEY

Question 7

-The duty of business to contribute to the well-being of society
-Business should be socially responsible to their users,community,employees, and themselves.

Answer 7

Social Responsiblilty

Question 8

Things people buy to satisfy their economics wants are

Answer 8

Goods and Services

Question 9

Characteristics include:Tangible,useful,scarce transferable

Answer 9

Economic goods

Question 10

Characteristics include:In Tangible(not physical objects) useful,scarce and transferable
EX.Hotels,Salons,Landscaping

Answer 10

Economic Services and Service Businesses

Question 11

Economic resources are_______

Answer 11

Limited

Question 12

Items that are used to produce goods and services

Answer 12

Economic Resources

Question 13

Land,Oil,Bodies of water

Answer 13

Natural Resources

Question 14

Employees that help produce goods and services

Answer 14

Human resources

Question 15

Any manufactured or constructed item used to produce goods and services.

Answer 15

Capital Good

Question 16

Economic principle which states that quanity of a good or service that will be offered for sale varies in direct relation to its price.

Answer 16

Law of Supply

Question 17

When price goes up,quanity goes up

Answer 17

Law of Supply

Question 18

Economic principle which states that the quainity of a good or service that people will buy varies inversely with the price of the good or service

Answer 18

Law of Demand

Question 19

When price goes up,quanity goes down

Answer 19

Law of Demand

Question 20

When Supply and demand work together the main goal is a _____

Answer 20

equilibrium

Question 21

-Best time for consumers to buy
-Low price and demand

Answer 21

Buyers Market

Question 22

The best time for producers to sell
high demand,high prices and low supply

Answer 22

Sellers Market

Question 23

-Price raise consumers ain’t gonna buy
-Ex, Luxury items,Clothes

Answer 23

Elastic

Question 24

-Price do not affect demand
-Electricity,Prescriptions,Gas

Answer 24

Inelastic

Question 25

the process of using goods and services

Answer 25

Consumption

Question 26

economic activity of producing goods and services

Answer 26

production

Question 27

process of trading one good and Service for another usually money.

Answer 27

Exchange

Question 28

the process or activity by which income is divided among resource owners and producers.

Answer 28

Distribution

Question 29

Giving up all or part of one thing to get something else.

Answer 29

TRADE Off