Dear Students,You are required to attempt ALL the questions. Good Luck
Market research
Market trends
Customer focus
Buyers and sellers
People outside of the business enterprise (e.g., consumers) ought to have a say in how the business operates
A business is essentially someone's property, and, as such, that its owners have the right to dispose of it as they see fit
The enterprise being run by employees and managers as a kind of representative democracy
Business can be viewed to exist for the purpose of creative expansion
True
False
True
False
True
False
True
False
True
False
True
False
True
False
True
False
True
False
a new television
Water
Concert tickets
Air conditioner
Are things you purchase only after your basic needs are met.
Have no physical characteristics.
Must be provided to you at the time you want to consume them.
Are things you can see and touch
Japan
Russia.
The United States
China
Human resources.
Natural resources
Capital resources
Limited resources.
Wants
Capitalism
Scarcity
Needs
Economic resources are owned and controlled by the government.
Workers have the ability to produce the same goods and services.
Individuals have the same wants and needs.
People must deal with the problem of scarcity. (correct answer)
Market economy
Command economy
Traditional economy
Mix market
The people of the country
The tribal elders
The government
Business people and entrepreneurs but not consumers
Market economy
Command economy
Mixed economy
Traditional economy
Competition
Entrepreneurship
Capitalism
Cornering the market
Business
Cultural
Legal
Moral
Acceptable
Illegal
Reprehensible
Unconstututioanl
Legal
Financial
Professional
Societal
Consumer rights
Pollution control
Safety equipment
Wage discrimination