Intro to Business Final Exam Study
Terms Newest 2025 Questions and
Answers|Already Graded A+|Assured
Success
Market Research - CORRECT ANSWER-Gathering and analyzing information about the wants, needs,
and preferences of consumers in a market.
Resources - CORRECT ANSWER-Items used to obtain needs and wants. (i.e. Money, Fuel, and Labor)
, Business - CORRECT ANSWER-Commercial activity that seeks profit.
Profit - CORRECT ANSWER-Money left over after the cost of providing goods and services has been
paid.
Profit Motive - CORRECT ANSWER-The desire to make a profit, profit is the reward for taking a risk.
Competition - CORRECT ANSWER-Contest between businesses to win customers.
Scarcity - CORRECT ANSWER-Lack of resources.
Factors of production - CORRECT ANSWER-All the economic resources necessary to produce a
society's goods and services.
Natural Resources - CORRECT ANSWER-Raw materials from nature that are used to produce goods.
Renewable resources - CORRECT ANSWER-Natural resources that can be reproduced more quickly.
(i.e. cattle and wheat)
Non-renewable resources - CORRECT ANSWER-Natural resources that are more limited and less easy
to reproduce. (i.e. Coal, iron, oil, etc)
Labor resources - CORRECT ANSWER-People who make the goods and services. Can be skilled,
unskilled, physical, intellectual
Capital resources - CORRECT ANSWER-Things used to produce goods and services such as buildings,
materials, and equipment.
Entrepreneurial resources - CORRECT ANSWER-The ideas people have to meet the changing needs and
wants of society. Recognizing opportunities and starting businesses.
Terms Newest 2025 Questions and
Answers|Already Graded A+|Assured
Success
Market Research - CORRECT ANSWER-Gathering and analyzing information about the wants, needs,
and preferences of consumers in a market.
Resources - CORRECT ANSWER-Items used to obtain needs and wants. (i.e. Money, Fuel, and Labor)
, Business - CORRECT ANSWER-Commercial activity that seeks profit.
Profit - CORRECT ANSWER-Money left over after the cost of providing goods and services has been
paid.
Profit Motive - CORRECT ANSWER-The desire to make a profit, profit is the reward for taking a risk.
Competition - CORRECT ANSWER-Contest between businesses to win customers.
Scarcity - CORRECT ANSWER-Lack of resources.
Factors of production - CORRECT ANSWER-All the economic resources necessary to produce a
society's goods and services.
Natural Resources - CORRECT ANSWER-Raw materials from nature that are used to produce goods.
Renewable resources - CORRECT ANSWER-Natural resources that can be reproduced more quickly.
(i.e. cattle and wheat)
Non-renewable resources - CORRECT ANSWER-Natural resources that are more limited and less easy
to reproduce. (i.e. Coal, iron, oil, etc)
Labor resources - CORRECT ANSWER-People who make the goods and services. Can be skilled,
unskilled, physical, intellectual
Capital resources - CORRECT ANSWER-Things used to produce goods and services such as buildings,
materials, and equipment.
Entrepreneurial resources - CORRECT ANSWER-The ideas people have to meet the changing needs and
wants of society. Recognizing opportunities and starting businesses.
