1. Chapter 13 Review Business 7

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

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

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

17. 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

18. 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

19. 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

20. 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

21. 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

22. 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

23. 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

24. 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

25. 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

26. 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

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

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

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

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

31. 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.

32. 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

33. 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?

34. 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

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

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

37. 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?

38. 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

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

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

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

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

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

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

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

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

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

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

49. 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