Intro to Business
What are the differences between needs and wants?
Need: Something you must have to survive
Want: Something you would like to have but do not need for survival
What is FORM Utility?
Changing raw material or putting parts together to make them more useful.
What are the 4 factors of production?
Land, Labor, Capital, entreprenuership
what is an economic system?
How Resources are allocated
All of the following are examples of Land resources EXCEPT?
a. Strawberries used to make jam
b. The farmer who plants the strawberries
c. The wheat used to make bread
b. The farmer who plants the strawberries
What is the difference between a good and a service?
Good: an item you can physically touch
Service: Something done for a fee
In a short time, I can stop by and get my favorite fall drinks! This is an example of which utility?
Time utility
What does each factor of production refer to?
Land (natural resources or raw materials)
Labor(workers)
Capital (tools and equipment or things used to produce other things)
Entrepreneurship (someone who begins own business)
What is a traditional economy?
Decisions are informed by Culture
You and your friends can all eat whatever you would like at the mall. This is an example of which utility?
a. place
b. information
c. form
a. place
What is 2 examples of a need, want, good, and service?
Need: Food, water, shelter, etc
Want: iPhone 17, Nike shoes, $100 shirt, etc
Good: Scissors, Phone, computer, etc
Service: haircut, automotive, etc
When I got my new snack, I really checked the label to ensure I was not allergic to any of the ingredients. Which utility is this an example of?
Information Utility
What are examples of each factor of production?
Labor: construction, machine operator, service worker, etc
Capital: equipment, factory tools and machinery, lighting, building itself, etc
Entrepreneurship: Kylie jenner, elon musk, etc
what is a command economy?
Decisions are informed by Government control & regulation
It is 1:00 AM, and nothing else is open besides TACO BELL. What type of utility is this?
a. Form
b. Time
C. Place
b. time
What does business mean?
activities involved in developing and exchanging products
What is place and possession utility, and what is an example?
place: location, examples: Walgreens or mall, Possession: made easier to get/aquire, exmaples: curbside or delivery, cash/credit.debit etc
What is Scarcity?
when resources are limited, and needs/wants are unlimited
What are market/mixed economies?
Decisions are informed by supply and demand
Most societies adopt a combination of Market & Command, called Mixed Economies
When I got my new iPad, there were so many colors to choose from! I chose pink. Which utility is this an example of?
a. information
b. time
c. form
c. form
What are the four functions of a business? BONUS (What does each mean)
Production, Finance, Marketing, Management
Production (create an item)
Finance (anything involving money)
Marketing (needs and wants)
Management (decision making)
What is utility?
The characteristics of a product that satisfy wants and needs. AKA Usefulness.
What is economics?
science that examines how goods
and services are produced, sold, and used
Scarcity → 3 Economic Questions:
What should we produce?
How should we produce it?
For whom should we produce?
The whole community needs to drive motivation in this country. This is an example of which type of economic system:
a. command
b. market
c. traditional
c. traditional