Intro Ch 1: Question Preview (ID: 7735)

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What is the term for tasks that people or machines perform for payment?
a) profit
b) public service
c) goods
d) services

What must business provide to consumers in order to satisfy their wants and needs?
a) goods and services
b) technology
c) intangible desires
d) cost-effectiveness

What are most public wants satisfied by?
a) businesses
b) nonprofit organizations
c) local, state, and federal governments
d) technology

Which is a want that government cannot satisfy?
a) shelter
b) new roads
c) education
d) bicycles and skates

What is an activity that seeks profit by providing goods or services to others?
a) goods and services
b) business
c) decision-making processes
d) public service

Business is defined as....any activity that seeks profit by providing goods and services to others.
a) T
b) F

Competition is defined as the contest between businesses to win customers
a) T
b) F

Things we wish we could have are ..
a) Needs
b) Services
c) Wants
d) Goods

The amount of money left over after a business has paid for the cost of producing its goods or services is ..
a) Business
b) Profits
c) Resources
d) Needs

Every business does which of the following?
a) Manages
b) Organizes
c) Produces a good or service
d) All of the above

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