Unit 1 Business Essentials - Economics

Whose viewpoint should you take when thinking about Supply?

An example of the factor of production "Labor" is

The factor of production "Entrepreneurship" is necessary in order to . . .

What are the extreme opposite economic systems countries use in dealing with scarcity?

Economics: the study of individuals and groups of people and their choices to try to satisfy their needs and wants

Which is NOT one of the 3 main areas of business?

A characteristic of a market economy is

An example of the factor of production "Land" is

Which is an advantage of a command economy economic system compared to our economic system?

The economic force of unlimited wants and limited resources

Benefits of competition include all of the following except . . .

Whose viewpoint should you take when thinking about DEMAND?

A characteristic of a command economy

Which is these is an economic service?

Microeconomics focuses on

Which is not a category for the Factors of Production?

The study of how individuals and groups of people make choices to satisfy needs and wants