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Business Basics Chapter 1 Review Flashcards | StudBud
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Business Basics Chapter 1 Review
Business Basics Chapter 1 Review
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Chapter 1 Material
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
Another name for economic resources
Production association
Factors of Production
Development of resources
Free enterprise
2
Another word for capitalism could be:
Private enterprise
Government regulation
Free enterprise
Star Trek Enterprise
3
When you give up something to have something else
Marginal thinking
Trade off
You better not choose opportunity cost
Opportunity cost
4
The USA's type of economy, officially
Mixed
Traditional
Command
Market
5
The 5th stage in the decision-making process
Evaluate
Act on your choice
Review your decision
Choose one
6
The value of the next-best alternative you didn't choose
Opportunity cost
Economic System
Decision making-process
Trade off
7
These things are INTANGIBLE. Ex - Nurse, lawyer
Wants
Needs
Services
Goods
8
Private ownership of resources by individuals, not the government
Capitalism
Demand
Traditional
Command
9
In this type of economy, resources are controlled by the government
Mixed
Command
Market
Traditional
10
Things that are required in order to live
Needs
Newants
Wants
Weends
11
Not having enough resources to satisfy every want and need
Scars
Scartown
Scarcity
Limitless
12
Largest producer of goods and services in the world
India
USA
Canada
China
13
If price is increasing, what is happening to demand?
Demand is decreasing
Demand? What is demand?
Demand is increasing
Demand is staying the same
14
A nation's plan for answering the three economic questions
Command economy
Economic System
Trade off
Scarcity
15
The point where supply and demand are equal
Marequilibirum
Market Price
Equiliarket Price
Equilibrium
16
Florida has experience flooding; over the long-term, what will happen to DEMAND for oranges
Demand for oranges will stay the same
Demand for oranges will increase
Demand for oranges will turn orange
Demand for oranges will decrease
17
If price is increasing for sneakers, what will happen to supply?
Producers will supply more
Producers will go bankrupt
Producers will supply less
Producers will not want to supply
