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Chapter 1
Chapter 4
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100
What is opportunity cost?
The value of the next best alternative.
100
A(n) ________ is an agreement to exchange goods or services for something of value, usually money.
Contract
100
What are the roles of a business?
1. provide employment 2. earn profit 3. pay taxes
100
What is an entrepreneur?
Someone who takes a risk in starting a business to earn a profit.
100
What color is the sky?
Blue
200
Consumers are individuals and organizations that determine what products and services will be available for sale. True or False
True
200
How many major types of social responsibility are there?
4 types -environmental protection -workplace diversity -job safety -employee wellness
200
Businesses that sell goods and services of producers for consumers are called ____?
intermediaries
200
Many small businesses have an advantage over larger businesses because they are better able to ________?
Provide personalized product/service to customers.
200
Location is often a primary factor in whether a new business succeeds or fails. True or False?
True.
300
In a ________ all resources are owned and controlled by the government
Command Economy
300
Match the definitions to the correct term A.)Patents /1. protects creative work/ B.)Trademarks / 2. gives inventor sole right for 17 years/ C.)Copyrights / 3. word, letter, or symbol with a company
A - 2 B - 3 C - 1
300
How many forms of business ownership are there? List and explain at least 3 for 50 points each.
There are 6 forms of business ownership. -sole proprietorship -partnership -corporation -limited liability corporation -non profit corporation -franchise
300
What are the types of financing?
-start up -short term -long term
300
What is a want vs a need?
a want is something that is added pleasure a need is a resource you need to live
400
Define market equilibrium.
The point when supply and demand are equal.
400
When does a business have control of market fix or service?
Monopoly
400
The ________ is a written legal document that defines ownership and operating procedures and conditions for a business.
Articles of incorporation
400
What is the difference between a innovation and an improvement.
An innovation is a brand new idea and an improvement is making an improvement on an already existing idea.
400
Where did Mr. Brelje go to college?
University of Montana
500
Each of the following is one of the three economic questions that must be answered in all nations except: a. What goods and services will be produced? b. How will the goods and services be produced? c. Who will receive the profits earned when goods and services are produced? d. What needs and wants will be satisfied with the goods and services produced?
C. Who will receive the profits earned when goods and services are produced?
500
List the #_____ roles of government.
3 roles: 1. provide services 2. protect citizens 3. regulate utilities
500
List 3 business activities.
-generating ideas -raising capital -employing + training personnel -buying goods and services -marketing goods and services -maintain business records
500
List the 6 steps (in order) of a business plan?
1. description of business 2. description of competition 3. customer analysis 4. operations plan 5. marketing plan 6. financial plans
500
Give an example of elastic and inelastic.
Elastic- taco bell Inelastic- gas