Chapter 13 Review Business 7. Term Definition You will have a section of term matching. You will need to match each definition with the correct term listed.

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Presentation transcript:

Chapter 13 Review Business 7

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Misc Questions If the supply of a product is higher than the demand, the price will __________. Go Down

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

Misc Questions The United States’ free enterprise economic system is also known as __________. Capitalism

Misc Questions 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 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 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 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? Human Relations

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

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

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

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

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

Misc Questions According to the textbook, what is the main goal of a producer? To Make a Profit

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

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

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

Misc Questions What is the main purpose of a non-profit organization? To Help the Community

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

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

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