Chapter 13 Review Business 7 Term Definition n

Chapter 13 Review Business 7

Term Definition n n You will have a section of term matching. You will need to match each definition with the correct term listed below. Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n n Profit Entrepreneur n Marketing

Term Definition n n What is the study of how people produce, distribute and use goods and services? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n What is the study of how people produce, distribute and use goods and services? s c i m o n o Ec n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n What is the amount of money a business has after it pays its expenses? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n What is the amount of money a business has after it pays its expenses? Profit n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n What is the delivering and selling goods and services? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n What is the delivering and selling goods and services? g n i t u b i r t s Di n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n What is the process of letting consumers know about goods and services? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n What is the process of letting consumers know about goods and services? g n i t e k r Ma n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n Someone who organizes and runs a business is an? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n Someone who organizes and runs a business is an? r u e n e r p e Entr n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n The amount of a good or service available for sale is? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n The amount of a good or service available for sale is? Supply n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n The creating of goods or services is? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n The creating of goods or services is? g n i c u d o r P n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n A country’s way of making choices about how to use its resources to produce and distribute goods and services is? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n A country’s way of making choices about how to use its resources to produce and distribute goods and services is? m e t s y S Economic n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n A person who buys and uses goods and/or services for their own personal use is a? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n A person who buys and uses goods and/or services for their own personal use is a? r e m u s n Co n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n The amount of a good or service people want to buy is called? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n The amount of a good or service people want to buy is called? Demand n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n To look ahead and plan for future needs is to? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n To look ahead and plan for future needs is to? Foresee n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n n The value of the next best alternative when making a buying decision is the? Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Term Definition n The value of the next best alternative when making a buying decision is the? t s o C y t i Opportun n Economic System n n Opportunity Cost Supply n Economics Foresee n Distributing Consumer n Demand n Producing n Profit Entrepreneur n n Marketing

Misc Questions n If the supply of a product is higher than the demand, the price will _____.

Misc Questions n If the supply of a product is higher than the demand, the price will _____. n w o D o G

Misc Questions n The United States’ free enterprise economic system is also known as _____.

Misc Questions n The United States’ free enterprise economic system is also known as _____. m s i l a t i p a C

Misc Questions n A business _____ is the document that identifies the goods or services a business will offer, outlines the business’s goals, and gives a timetable for meeting those goals.

Misc Questions n A business _____ is the document that identifies the goods or services a business will offer, outlines the business’s goals, and gives a timetable for meeting those goals. Plan

Misc Questions n Gina owns a bakery and is the head baker. Her customers know that her products are excellent, and her employees appreciate her respect for their opinions and needs. As an entrepreneur, which quality does Gina clearly exhibit?

Misc Questions n Gina owns a bakery and is the head baker. Her customers know that her products are excellent, and her employees appreciate her respect for their opinions and needs. As an entrepreneur, which quality does Gina clearly exhibit? s n o i t a l e Human R

Misc Questions n In a free enterprise system, who sets minimum standards for workplace safety and product quality?

Misc Questions n In a free enterprise system, who sets minimum standards for workplace safety and product quality? t n e m n r Gove

Misc Questions n The businesses that sell rugs – Rugs R Us and We’ve Got You Covered – open stores within 1 mile of one another. Because of the competition between the stores, what will probably happen to rug prices?

Misc Questions n The businesses that sell rugs – Rugs R Us and We’ve Got You Covered – open stores within 1 mile of one another. Because of the competition between the stores, what will probably happen to rug prices? Go Down

Misc Questions n If the demand for a product is higher than the supply, the price will _____.

Misc Questions n If the demand for a product is higher than the supply, the price will _____. Go Up

Misc Questions n According to the textbook, what is the main goal of a producer?

Misc Questions n According to the textbook, what is the main goal of a producer? t i f o r P a To Make

Misc Questions n What do nearly 66% (2 out of 3) of all new businesses face in their first four years?

Misc Questions n What do nearly 66% (2 out of 3) of all new businesses face in their first four years? Failure

Misc Questions n What is the main purpose of a non-profit organization?

Misc Questions n What is the main purpose of a non-profit organization? y t i n u m m o C e h t p l To He

Misc Questions n What percentage of U. S. workers work for small businesses?

Misc Questions n What percentage of U. S. workers work for small businesses? 95%

Lists n You will need to be able to list the following: n Examples of a Good n Examples of a Service n Factors that Cause Prices to Go Up and Down n 4 P’s of Marketing n Advantages of Owning Your Own Business n Disadvantages of Owning Your Own Business