Unit 1: Business Basics

5. When expenses are higher than the revenue the business brings in, the business experiences a ____________
7. The four factors of production are land, labor, capital, and ________
8. The profit formula is profit=__________-expenses
9. The goal of a business is to always make a what?
11. Which type of stakeholder provides financial support needed to start or grow a business?
12. Individuals or groups who have an interest in a business and are affected by its decisions are called
15. What factor of production includes any form of human effort exerted?
16. What function sets goals and oversees the entire organization?

1. McDonalds, a company that has restaurants all over the world is classified as a_______________ business
2. ____________ are tangible products a business sells
3. The struggle between two or more businesses to attract scarce customer dollars
4. Which factor of production includes tools and machinery?
6. ______________ is the term for the money a business spends
10. _____________ is the term for money a business brings in
13. A business that serves only its local community is called a _________________ business.
14. Natural resources are an example of which factor of production?