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Chapter 1 Vocabulary/Review 2017
Test Description: Chapter 1 Vocabulary/Review 2017
Instructions: Answer all questions to get your test result.
1) Things that you do NOT have to have in order to survive.
A
services
B
needs
C
goods
D
wants
2) Things that you must have in order to survive.
A
goods
B
services
C
needs
D
wants
3) Physical products—i.e. groceries, phones, etc.
A
wants
B
goods
C
services
D
needs
4) Tasks that businesses perform for consumers.
A
needs
B
wants
C
goods
D
services
5) Items that people can use to make or obtain what they need or want. (money, labor, fuel)
A
resources
B
competition
C
profit
D
business
6) The money left over after a business has paid the cost of providing its goods and services.
A
business
B
competition
C
profit
D
resources
7) Any commercial activity that seeks profit by providing goods or services.
A
profit
B
competition
C
business
D
resources
8) The contest between businesses to win customers.
A
business
B
resources
C
competition
D
profit
9) A person who uses goods or services. (Products are discontinued when there is NO demand for them from the consumer.)
A
competition
B
market research
C
consumer
D
business
10) The act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market. (what is demanded by the consumer)
A
competition
B
business
C
consumer
D
market research
11) 1st step in 5 STEPS in the DECISION-MAKING PROCESS
A
Identify the situation – a decision that affects one’s life for a long period of time should take longer to make.
B
Make a decision.
C
Identify possible courses of action. (hypotheses)
D
Determine the pros and cons. (T-Chart)
12) 2nd step in 5 STEPS in the DECISION-MAKING PROCESS
A
Determine the pros and cons. (T-Chart)
B
Identify the situation – a decision that affects one’s life for a long period of time should take longer to make.
C
Identify possible courses of action. (hypotheses)
D
Make a decision.
13) 3rd step in 5 STEPS in the DECISION-MAKING PROCESS
A
Identify the situation – a decision that affects one’s life for a long period of time should take longer to make.
B
Make a decision.
C
Determine the pros and cons. (T-Chart)
D
Identify possible courses of action. (hypotheses)
14) 4th step in 5 STEPS in the DECISION-MAKING PROCESS
A
Make a decision.
B
Determine the pros and cons. (T-Chart)
C
Identify the situation – a decision that affects one’s life for a long period of time should take longer to make.
D
Identify possible courses of action. (hypotheses)
15) 5th step in 5 STEPS in the DECISION-MAKING PROCESS
A
Make a decision.
B
Identify possible courses of action. (hypotheses)
C
Identify the situation – a decision that affects one’s life for a long period of time should take longer to make.
D
Evaluate your decision.
*select an answer for all questions
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