Business Essentials Unit 1 Business
Fundamentals - Review / Study Guide
Questions with Accurate Answers
Business - ANSWERSAn organization that provides goods or services to earn a profit
Main purpose of a business - ANSWERSTo make a profit
Needs vs Wants - ANSWERSNeeds are required for survival while wants are desired
but not necessary
Real needs - ANSWERSBasic requirements such as food shelter and clothing
Psychological needs - ANSWERSWants influenced by emotions preferences and
lifestyle
Good - ANSWERSA tangible product that satisfies consumer needs or wants
Service - ANSWERSAn intangible action or benefit provided to consumers
Bricks and mortar - ANSWERSA business with a physical store location
E-commerce - ANSWERSBuying and selling goods or services online
SMEs - ANSWERSSmall and medium sized enterprises
Market - ANSWERSA place or system where buyers and sellers exchange goods or
services
Demand - ANSWERSThe quantity of goods or services consumers are willing to buy
Supply - ANSWERSThe quantity of goods or services producers are willing to sell
Producer - ANSWERSSomeone who makes goods or provides services
Consumer - ANSWERSA person who buys goods or services
Customer - ANSWERSA person who purchases or uses goods or services
Royalty - ANSWERSA payment made for the use of someone else's property or rights
Fundamentals - Review / Study Guide
Questions with Accurate Answers
Business - ANSWERSAn organization that provides goods or services to earn a profit
Main purpose of a business - ANSWERSTo make a profit
Needs vs Wants - ANSWERSNeeds are required for survival while wants are desired
but not necessary
Real needs - ANSWERSBasic requirements such as food shelter and clothing
Psychological needs - ANSWERSWants influenced by emotions preferences and
lifestyle
Good - ANSWERSA tangible product that satisfies consumer needs or wants
Service - ANSWERSAn intangible action or benefit provided to consumers
Bricks and mortar - ANSWERSA business with a physical store location
E-commerce - ANSWERSBuying and selling goods or services online
SMEs - ANSWERSSmall and medium sized enterprises
Market - ANSWERSA place or system where buyers and sellers exchange goods or
services
Demand - ANSWERSThe quantity of goods or services consumers are willing to buy
Supply - ANSWERSThe quantity of goods or services producers are willing to sell
Producer - ANSWERSSomeone who makes goods or provides services
Consumer - ANSWERSA person who buys goods or services
Customer - ANSWERSA person who purchases or uses goods or services
Royalty - ANSWERSA payment made for the use of someone else's property or rights
