Test 1 Review

You will need to understand and be able to apply all of the following concepts for you test tomorrow. You do not need to post your answers online or turn them in. This is to help you prepare for the test, not to turn in. If you do not fully understand any of the following concepts please see Mr. A.

How does money get to be worth anything?

What are wants?

What are needs?

What are goods?

What are services?

What is a resource?

What is the difference between public wants and private wants?

Explain the functions of business.

List the business activities that happen behind every product or service

How does business affect you as a consumer and as a wage earner?

Why is it important to understand business today?

How will knowledge help your career?

What is the definition of Business?

What is profit?

What is competition in business?

What is a consumer?

What is a life cycle?

What are long term goals?

What is a life span?

What are life span goals?

What are short term goals?

What is opportunity cost?

Why are life-span goals important?

Who satisfies most public wants?

Describe the problem of unlimited wants and limited resources?

Is time an example of a resource? Explain?

What is a rational buying decision?

What are the five steps of the decision making process?

What is an impulse purchase?

What is the difference between “just shopping” and “focusing on our needs wants and goals?