What is a Business
What is a Business.
The term for the money a business brings in.
What is Revenue
This function of Business assumes the responsibility of all monetary actions
What is Finance.
Another name for the Land factor of production.
What is Natural Resource
The struggle between two or more businesses to attract scarce customer dollars.
What is Competition.
These organization types do not go into business with the goal of making a profit.
What is a non-profit organization.
The term for money a business has left over once all expenses are paid.
What is profit.
Match the scenario with the appropriate function of marketing:
The President of the company decides to lay off 500 employees.
What is Management.
How would a tractor be classified in the factors of production?
What is Capital.
True or False:
Humans should work to fulfill their wants before they fulfill their needs.
False.
The four types of businesses:
What is Local, Regional, National, Multinational.
The fundamental economic problem that states that wants are unlimited, but resources are limited.
Scarcity
Match the scenario with the appropriate function of marketing:
A seamstress stitches handmade lace onto a one-of-a-kind wedding gown to increase its value and selling price.
What is Production.
Provide 2 examples of Labor for a Restaurant.
Waitress, Cook, Hostess, Manager, Etc.
DOUBLE JEOPARDY
The value of the alternative you give up when making a choice.
Profits of a business are generally used to do what?
Term for an individual that brings together economic resources necessary for production together and assumes the risk.
What is an Entrepreneur.
Match the scenario with the appropriate function of marketing:
Marcus Mariota signs an endorsement deal with Nike to be an official spokesperson for a new brand of shoe.
What is Marketing.
Elon Musk.
What is an Entrepreneur.
Revenue- expenses = Profit
Successful businesses contribute to the quality of people's lives by creating...
Higher Standards of Living.
the term for a movement towards a more connected world economy; the movement of products across international borders.
Identify all 4 functions of business.
What is Production, Marketing, Management, and Finance.
Which resource is NOT classified as a land/ natural resource?
a. Two Thousand Acres of forest
b. A hydroelectric dam
c. Crude oil reserves
d. The Mississippi River
B. A Hydroelectric Dam
Which of the following is NOT a way that competition benefits the economy:
a. Forcing companies to offer higher quality products.
b. forcing companies to lower prices.
c. Providing products that are virtually all the same.
d. Making companies focus on customer satisfaction.
C. providing products that are virtually all the same.