unit 4 Quiz
Middle School Career Exploration 1: Charting Your Path (E) / Unit 4: Enterprise and Money Matters: Trading Goods & Services
1. What is the main difference between goods and services?
A) Goods are physical products that can be touched, while services are actions or tasks provided by someone.
2. Why is it important for businesses to understand the concept of supply and demand?
B) Understanding supply and demand helps businesses make decisions about pricing, production, and marketing strategies.
3. How does competition affect pricing in the marketplace?
C) Competition can lead to lower prices as businesses try to attract customers and gain a competitive edge.
4. What is the purpose of a business plan?
A) A business plan outlines a company's goals, strategies, and action plans for success.
5. Why is it important for entrepreneurs to consider market trends and consumer preferences?
B) Understanding market trends and consumer preferences helps entrepreneurs create products and services that meet the needs and wants of customers.