Exploring the World of Business and Economics- Chapter 1 – Flashcards
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Profit
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Businesses differ from nonprofit organizations in that businesses's focus is on
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Satisfaction
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When purchasing a product, the consumer is actually buying its anticipated benefits and
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Responsibility
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If a business is to be successful in the long run, it must treat its customers, employees, and community with social
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Business profit
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Which of the following is not a product?
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A Profit
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The goal of a business is to earn
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Managers
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The functions of organizing, staffing, planning, and controlling are most closely associated with
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Marketing
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Which of the following functions involves activities designed to provide goods and services that fulfill needs and desires of consumers?
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Promotion
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Advertising, personal selling, coupons, and sweepstakes are forms of
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Owners
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When a business fails or does not make a profit ______ have the most to lose
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Finance
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The function concerned with obtaining and managing money and using it effectively is called
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Employees
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The group of people to whom the management activity most applies is
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Customers
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All of the following are factors of production used to make goods and services except
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Resources used to produce goods and services
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Factors of production are
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Services
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Resources may be
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Which of the following questions are addressed by all economic systems?
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How should the goods and services be distributed?
