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Intro To Business Chapter 1 - 4 Test Questions And Correct Verified Answers

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Intro To Business Chapter 1 - 4 Test Questions And Correct Verified Answers

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INTRO TO BUSINESS CHAPTER 1 - 4 TEST
QUESTIONS AND CORRECT VERIFIED
ANSWERS
ResourcesA2-A2Ans--TheA2amountA2ofA2stuffA2aA2company/countryA2has

ProfitA2-A2Ans--$$
$A2leftA2overA2afterA2aA2businessA2hasA2paidA2theA2costA2ofA2providingA2itsA2goodsA2andA2s
ervices

CompetitionA2-A2Ans--ContestA2betweenA2businessesA2toA2winA2customers

GoodsA2-A2Ans--AA2physicalA2objectA2thatA2theA2Company/governmentA2provides

ServiceA2-A2Ans--AA2physicalA2thingA2thatA2aA2company/governmentA2does

MarketA2ResearchA2-A2Ans--
theA2actionA2orA2activityA2ofA2gatheringA2informationA2aboutA2consumers'A2needsA2andA2pr
eferences.

ConsumerA2-A2Ans--SomeoneA2whoA2isA2buyingA2theA2serviceA2orA2good

DecisionA2makingA2processA2-A2Ans--StepA21A2-A2IdentifyA2theA2situation
StepA22A2-A2IdentifyA2possibleA2coursesA2ofA2action
StepA23A2-A2DetermineA2ProsA2andA2Cons
StepA24A2-A2MakeA2aA2Decision
StepA25A2-A2EvaluateA2yourA2decision

HowA2andA2whyA2profitA2motivatesA2businessesA2-A2Ans--
ProfitA2motivatesA2businessesA2becauseA2it'sA2providesA2aA2businessA2withA2survivalA2and
A2prosperity


ActivitiesA2businessesA2undertakeA2whenA2developingA2productsA2andA2servicesA2-A2Ans--
IdentifyA2Opportunities
IsA2thereA2demand?
SecureA2capital
ManageA2production
MarketA2theA2productA2orA2service
KeepA2detailedA2recordsA2forA2IRSA2andA2toA2improveA2processes.

ScarcityA2-A2Ans--AA2shortageA2ofA2resources

FactorsA2ofA2ProductionA2-A2Ans--NaturalA2Resources
LaborA2Resources

, CapitalA2Resources
EntrepreneurialA2Resources

NaturalA2ResourcesA2-A2Ans--
RawA2materialsA2fromA2natureA2usedA2toA2produceA2goodsA2suchA2asA2Trees,A2waterA2and
A2grains


LaborA2ResourcesA2-A2Ans--workA2fromA2otherA2people

CapitalA2ResourcesA2-A2Ans--AllA2theA2thingsA2neededA2toA2createA2goodA2&A2services

EntrepreneurA2-A2Ans--
IndividualsA2whoA2startA2andA2directA2businessesA2toA2produceA2goodsA2andA2servicesA2to
A2satisfyA2needsA2orA2wants.


EconomicsA2-A2Ans--MethodsA2societiesA2useA2toA2distributeA2resources.

MarketA2EconomyA2-A2Ans--
BuyerA2&A2Sellers,A2PrivateA2Enterprise,A2Capitalism,A2Incentivized

CommandA2EconomyA2-A2Ans--
GovernmentA2controlledA2&A2governmentA2owned.A2CommunismA2&A2Socialism

DemandA2-A2Ans--AmountA2consumersA2areA2willingA2toA2buyA2atA2givenA2prices

EquilibriumA2PriceA2-A2Ans--
theA2pointA2atA2whichA2theA2quantityA2demandedA2andA2theA2quantityA2suppliedA2meet.

MixedA2EconomyA2-A2Ans--MixA2ofA2bothA2marketA2&A2command.

ScarcityA2andA2itsA2effectsA2onA2aA2nation'sA2decisionsA2-A2Ans--
CompaniesA2wontA2haveA2enoughA2resourcesA2toA2continueA2theirA2business

GDP:A2-A2Ans--
TheA2totalA2valueA2ofA2theA2goodA2andA2servicesA2producedA2inA2aA2countryA2inA2aA2givenA2
year.

StandardA2ofA2LivingA2-A2Ans--
MeasuresA2theA2amountA2ofA2goodsA2andA2servicesA2peopleA2canA2buyA2withA2theA2money
A2theyA2have.


InflationA2-A2Ans--generalA2increaseA2inA2theA2priceA2ofA2goodsA2andA2services.

DeflationA2-A2Ans--decreaseA2inA2theA2priceA2ofA2goodsA2andA2services.

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