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