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Intro To Business Chp 1

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Intro To Business Chp 1

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test your knowledge

Created by

daniel widjaja
daniel widjaja
Indonesia

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Intro To Business Chp 1
 

Unscramble Letters

Intro To Business Chp 1Online version

test your knowledge

by daniel widjaja
1

An organized effort of individuals to produce and sell, for a profit, products and services that satisfy society’s needs.

2

A nation’s system for allocating its resources among its citizens, both individuals and organizations

  
  
3

resources a business uses to produce Goods and Services

        
  
  
  
4

A system in which individuals would contribute according to their abilities and receive benefits according to their needs

5

The government supports private ownership and encourages entrepreneurship

6

The government owns and operates select major industries such as banking and transportation. Smaller businesses are privately owned

7

The willingness and ability of buyers to purchase a product (a good or a service)

8

The willingness and ability of producers to offer a good or service for sale

9

A situation in which the quantity supplied exceeds the quantity demanded

10

Prices are determined by supply and demand because no single firm is powerful enough to influence the price of its product

  
  
 
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