Chapter 1 - Intro to Business

Conflict between unlimited wants and limited resources.

What economy is government owned?

Work done by one person that benefits another.

What is an example of a capital resource?

If I work 20 hours a week and produce 100 units, what is my productivity?

Way you live measured by what you can afford.

Rivalry among businesses

What business cycle phase does demand for goods start to decrease?

What is the movement of the economy from one condition to another?

Consumers determine

Not necessary but adds comfort and pleasure.

Total dollar value of all goods and services produced in an economy in one year.

What is an example of a natural resource?

What business cycle phase has GDP beginning to rise?

What economy are you free to make own decisions?

What economy has slow progress

Businesses Determine

Things required in order to live?

What business cycle phase has business failures?

What business cycle phase do most people work?

What is an example of a human resource?