1.
Something that is required to live.
A. 
B. 
C. 
D. 
2.
An unfulfilled consumer desire.
A. 
B. 
C. 
D. 
3.
The economic condition caused by unlimited needs and wants but limited resources to fill those needs and wants.
A. 
B. 
C. 
D. 
4.
People who choose to spend resources on goods and services intended for personal use and not for manufacture or resale.
A. 
B. 
C. 
D. 
5.
Individuals or companies who create valued products and exchange these products with consumers for scarce resources (money).
A. 
B. 
C. 
D. 
6.
The resources of labor, capital, land, and entrepreneurship used to produce goods and services that consumers want.
A. 
B. 
C. 
D. 
7.
A factor of production that refers to human effort, or work.
A. 
B. 
C. 
D. 
8.
A factor of production that includes those items necessary to produce goods and services such as buildings, tools, and machines.
A. 
B. 
C. 
D. 
9.
A factor of production that includes the ground itself, as well as natural resources, such as water and minerals, used in production.
A. 
B. 
C. 
D. 
10.
A factor of production that refers to the ability to envision new opportunities and undertake them.
A. 
B. 
C. 
D. 
11.
Someone who organizes the start-up and takes the risks necessary to get a business started.
A. 
B. 
C. 
D. 
12.
The amount of satisfaction a person gets from using a product or service.
A. 
B. 
C. 
D. 
13.
An organization that uses labor, capital, land, and entrepreneurship to produce goods and services at a profit.
A. 
B. 
C. 
D. 
14.
A time of higher incomes, increased production and lower unemployment. Job opportunities abound during this period.
A. 
B. 
C. 
D. 
15.
A time of increasing unemployment, when consumers decrease their spending and businesses have fewer opportunities to sell their products. Job opportunities are scarce during this period.
A. 
B. 
C. 
D. 
16.
Occurs when employment and business opportunities begin to increase again and consumers start spending more money.
A. 
B. 
C. 
D. 
17.
A good that is bought in the United States but produced abroad.
A. 
B. 
C. 
D. 
18.
Goods produced in this country and sold abroad.
A. 
B. 
C. 
D. 
19.
Using people, material resources and technology to get an organization’s work done.
A. 
B. 
C. 
D. 
20.
Theory X – A management style theory that assumes that employees dislike work, need direction and must be coerced or controlled into working. This theory has a negative view of employees.
21.
Theory Y – A management style theory that assumes people do not inherently dislike work but view it as a part of life and can become committed to organizational objectives. This theory has a more positive view of employees.
22.
Theory Z – A management style theory that assumes people are committed to their jobs and can work together effectively. Managers with this style focus on the organization and long-term employment. This theory has a very positive view of employees.
23.
Human Resources – A management movement that stresses the importance of relationships in organizations.
24.
Interpersonal Role – Involves gathering relevant information and making it available to employees.
25.
Top Managers are not considered a Level of Management.