Post on 13-Jan-2016
Chapter 13 ReviewBusiness 7
Term DefinitionTerm Definition You will have a section of term
matching. You will need to match each definition with the correct term listed below.
Term DefinitionTerm Definition What is the study of how people produce,
distribute and use goods and services?
Term DefinitionTerm Definition What is the study of how people produce,
distribute and use goods and services?
Economics
Term DefinitionTerm Definition What is the amount of money a business
has after it pays its expenses?
Term DefinitionTerm Definition What is the amount of money a business
has after it pays its expenses?
Profit
Term DefinitionTerm Definition What is the delivering and selling goods and
services?
Term DefinitionTerm Definition What is the delivering and selling goods and
services?
Distributing
Term DefinitionTerm Definition What is the process of letting consumers
know about goods and services?
Term DefinitionTerm Definition What is the process of letting consumers
know about goods and services?
Marketing
Term DefinitionTerm Definition Someone who organizes and runs a
business is an?
Term DefinitionTerm Definition Someone who organizes and runs a
business is an?
Entrepreneur
Term DefinitionTerm Definition The amount of a good or service available
for sale is?
Term DefinitionTerm Definition The amount of a good or service available
for sale is?
Supply
Term DefinitionTerm Definition The creating of goods or services is?
Term DefinitionTerm Definition The creating of goods or services is?
Producing
Term DefinitionTerm Definition A country’s way of making choices about
how to use its resources to produce and distribute goods and services is?
Term DefinitionTerm Definition A country’s way of making choices about
how to use its resources to produce and distribute goods and services is?
Economic System
Term DefinitionTerm Definition A person who buys and uses goods and/or
services for their own personal use is a?
Term DefinitionTerm Definition A person who buys and uses goods and/or
services for their own personal use is a?
Consumer
Term DefinitionTerm Definition The amount of a good or service people
want to buy is called?
Term DefinitionTerm Definition The amount of a good or service people
want to buy is called?
Demand
Term DefinitionTerm Definition To look ahead and plan for future needs is
to?
Term DefinitionTerm Definition To look ahead and plan for future needs is
to?
Foresee
Term DefinitionTerm Definition The value of the next best alternative when
making a buying decision is the?
Term DefinitionTerm Definition The value of the next best alternative when
making a buying decision is the?
Opportunity Cost
Misc QuestionsMisc Questions If the supply of a product is higher than the
demand, the price will __________.
Misc QuestionsMisc Questions If the supply of a product is higher than the
demand, the price will __________.
Go Down
Misc QuestionsMisc Questions The United States’ free enterprise economic
system is also known as __________.
Misc QuestionsMisc Questions The United States’ free enterprise economic
system is also known as __________.
Capitalism
Misc QuestionsMisc Questions A business __________ is the document that
identifies the goods or services a business will offer, outlines the business’s goals, and gives a timetable for meeting those goals.
Misc QuestionsMisc Questions A business __________ is the document that
identifies the goods or services a business will offer, outlines the business’s goals, and gives a timetable for meeting those goals.
Plan
Misc QuestionsMisc Questions Gina owns a bakery and is the head baker.
Her customers know that her products are excellent, and her employees appreciate her respect for their opinions and needs. As an entrepreneur, which quality does Gina clearly exhibit?
Misc QuestionsMisc Questions Gina owns a bakery and is the head baker.
Her customers know that her products are excellent, and her employees appreciate her respect for their opinions and needs. As an entrepreneur, which quality does Gina clearly exhibit?
Human Relations
Misc QuestionsMisc Questions In a free enterprise system, who sets
minimum standards for workplace safety and product quality?
Misc QuestionsMisc Questions In a free enterprise system, who sets
minimum standards for workplace safety and product quality?
Government
Misc QuestionsMisc Questions The businesses that sell rugs – Rugs R Us
and We’ve Got You Covered – open stores within 1 mile of one another. Because of the competition between the stores, what will probably happen to rug prices?
Misc QuestionsMisc Questions The businesses that sell rugs – Rugs R Us
and We’ve Got You Covered – open stores within 1 mile of one another. Because of the competition between the stores, what will probably happen to rug prices?
Go Down
Misc QuestionsMisc Questions If the demand for a product is higher than
the supply, the price will __________.
Misc QuestionsMisc Questions If the demand for a product is higher than
the supply, the price will __________.
Go Up
Misc QuestionsMisc Questions According to the textbook, what is the main
goal of a producer?
Misc QuestionsMisc Questions According to the textbook, what is the main
goal of a producer?
To Make a Profit
Misc QuestionsMisc Questions What do nearly 66% (2 out of 3) of all new
businesses face in their first four years?
Misc QuestionsMisc Questions What do nearly 66% (2 out of 3) of all new
businesses face in their first four years?
Failure
Misc QuestionsMisc Questions What is the main purpose of a non-profit
organization?
Misc QuestionsMisc Questions What is the main purpose of a non-profit
organization?
To Help the Community
Misc QuestionsMisc Questions What percentage of U.S. workers work for
small businesses?
Misc QuestionsMisc Questions What percentage of U.S. workers work for
small businesses?
95%
ListsLists You will need to be able to list the following:
Examples of a Good Examples of a Service Factors that Cause Prices to Go Up and Down 4 P’s of Marketing Advantages of Owning Your Own Business Disadvantages of Owning Your Own Business