functions of business
What function of business is any activity related to making a product?
Production
What type of economy is a way of thinking, behaving, or acting that has been used by a group of people for a long period of time?
tradition
What is the economic factor that affects the price, demand, and availability of a good or service?
Market Forces
What function of business includes all business activity that involve money?
Finance
What type of economy does the government make all the economic decisions for its citizens?
Command
What says that the price of a product is determined by the relationship o the supply of a product and the demand of a product?
Supply and demand
What function of business consists of all activities that identify anticipate and satisfy customer demand while making a profit?
Marketing
What type of economy is one in which individuals are free to make their own economic decisions?
Market Economy
The market price is determined at the point where supply equals demand for a product. What is this point called?
Equilibrium
What function of business is the process of controlling and making decisions about a business?
Management
What type of economy system is where the economic resources are privately owned by individuals rather then the government?
Capitalism
What is the difference between the income earned and expenses incurred by a business?
Profit
Each of the four functions of business work together to create customer satisfaction and __________.
Business success
What type of economy do both the government and individuals make decisions about economic resources?
Mixed Economy
What is the action taken by two or more businesses attempting to attract the same customers?
Competition