Transcript Chapter 13 Review

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


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing


Profit
Entrepreneur

Marketing
Term Definition


What is the study of how people produce, distribute
and use goods and services?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


What is the study of how people produce, distribute
and use goods and services?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


What is the amount of money a business has after it
pays its expenses?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


What is the amount of money a business has after it
pays its expenses?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


What is the delivering and selling goods and
services?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


What is the delivering and selling goods and
services?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


What is the process of letting consumers know about
goods and services?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


What is the process of letting consumers know about
goods and services?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


Someone who organizes and runs a business is an?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


Someone who organizes and runs a business is an?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The amount of a good or service available for sale is?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The amount of a good or service available for sale is?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The creating of goods or services is?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The creating of goods or services is?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

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


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

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


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

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


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

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


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The amount of a good or service people want to buy
is called?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The amount of a good or service people want to buy
is called?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


To look ahead and plan for future needs is to?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


To look ahead and plan for future needs is to?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The value of the next best alternative when making a
buying decision is the?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
Term Definition


The value of the next best alternative when making a
buying decision is the?
Economic System


Opportunity Cost

Supply

Economics

Foresee

Distributing
Consumer

Demand

Producing

Profit
Entrepreneur


Marketing
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 __________.
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 __________.
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.
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?
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?
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?
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 __________.
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?
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?
Misc Questions

What is the main purpose of a non-profit
organization?
Misc Questions

What is the main purpose of a non-profit
organization?
Misc Questions

What percentage of U.S. workers work for small
businesses?
Misc Questions

What percentage of U.S. workers work for small
businesses?
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