Bus Intro: Chapter 1 Key Terms
6 Written Questions
6 Multiple Choice Questions
- the rate at which a new product moves from conception to commercialization
- People who risk their time, money, and other resources to start and manage businesses
- the relationship between the price of a good or a service and the benefits that it offers its customers.
- the setting in which a business operates.
- the service that allows computer users to easily access and share information on the internet in the form of text, graphics, video, and animation
- business transactions conducted online, typically via the internet
5 True/False Questions
factors of production → four fundamental elements-natural resources, capital, human resources, and entrepreneurship-that businesses need to achieve their objectives
profit → business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain
standard of living → the overall sense of well being experiences by either an individual or a group
demographics → business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain
World Trade Organization → an organization formed to promote free trade to help lower tariffs