Impact of
Business
Business
Anything that is bought or sold.
What is a PRODUCT?
Economy in which economic decisions are based on a society's values, culture, and customs.
What is TRADITIONAL?
Actions by two or more businesses attempting to attract the same customer.
What is COMPETITION?
When demand is higher than the available resources.
What is SCARCITY?
Action or task that is performed, usually for a fee.
What is SERVICE?
Economy in which both the government and individuals make decisions about economic resources.
What is MIXED?
Level of material comfort measures by the goods, services and luxuries available.
What is STANDARD OF LIVING?
Work performed by people in businesses, also called human resource.
What is LABOR?
The difference between the income earned and the expenses incurred by a business during a specific period of time is called_____
What is PROFIT?
What are the functions of business?
What is PRODUCTION, FINANCE, MARKETING & MANAGEMENT?
Willingness and ability to start a new business.
What is ENTREPRENEURSHIP?
A science that examines how goods and services are produced, sold and used.
What is ECONOMICS?
Is the term for all activities involved in developing and exchanging products.
What is BUSINESS?
The law of _____ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.
What is SUPPLY & DEMAND?
Organized way in which a nation chooses to use its resources to create goods and services.
What is ECONOMIC SYSTEM?
An economic system where the economic resources are privately owned by individuals rather than the government.
What is CAPITALISM?
The 5 types of utility.
What is FORM, PLACE, TIME, INFORMATION and POSSESSION?
The process of choosing an option after evaluating the available information and weighing the costs and benefits of the alternatives is called?
What is SYSTEMIC DECISION-MAKING?
When an item is given up in order to gain something else.
What is TRADE-OFF?
The value of the next best option not selected.
What is OPPORTUNITY COST?