Intro to Business Final Exam ACTUAL QUESTIONS AND CORRECT ANSWERS

Intro to Business Final Exam ACTUAL
QUESTIONS AND CORRECT ANSWERS
- needs - CORRECT ANSWERS things we must have to
survive
examples: water, food, shelter


business - CORRECT ANSWERS any activity that seeks
profit by providing goods or services to others


resources - CORRECT ANSWERS anything that people can
use to make or obtain what they want or need


competition - CORRECT ANSWERS the contest between
businesses to win customers


wants - CORRECT ANSWERS things we wish we could have
examples: bike, new car, vacation


consumer - CORRECT ANSWERS a person who selects,
purchases, uses, or disposes of goods or services


services - CORRECT ANSWERS tasks that people or
machines perform to help other people


goods - CORRECT ANSWERS material things that can be
weighed or measured; objects that satisfy peoples wants and needs

, profit - CORRECT ANSWERS the amount of money left over
after a business has paid for the cost of producing its goods and
services


Who satisfies most of the public wants shared by many people? -
CORRECT ANSWERS local, state, or federal governments


Describe the difference between wants and needs. - CORRECT
ANSWERS wants - things you desire
needs - things necessary for survival


Examples of goods - CORRECT ANSWERS laptop, food, car


Give a personal example of a private want - CORRECT ANSWERS
iPhone X


scarcity - CORRECT ANSWERS A situation in which
unlimited wants exceed the limited resources available to fulfill those
wants


Entrepreneur - CORRECT ANSWERS A person who starts up
and takes on the risk of a business


economics - CORRECT ANSWERS the study of how a
society chooses to use resources to produce and distribute goods and
services for people's consumption