Principles of Business Unit 1

When you give up something to have somthing else.

the process of choosing which needs and wants will be satisfy.

is anywhere that goods and services exchange hands.

means you can own use or dispose things of value. As long as it doesn’t violate the law.

All economic resources have a limited supply.

One of the three economic questions is”What goods and services will not be produced?”

are things things that you can see and touch.

The economic problem is that consumers have too many products and services to choose from.

Who owns the economic resources in a market economy?

What is the first step in the decision-making process?

What is the final step of the decision-making process?

Supply is the quantity of product that a consumer is willing & able to buy at particular price

the value of the next best alternative that you were not able to choose.

how much of the good or service is available to buy.

are the things available to be used to produce goods and services.

Another name for the economic system in the United States is

Which type of economy is usually centered mainly on meeting people’s basic needs?

When you give up something to have something else, you are making a opportunity cost.

Goods and services are purchased by businesses as well as by individuals.

Buildings, equipment, and supplies are examples of natural resources.

The final step n the decision-making process is to select the best choice from the alternatives

Profit is the money left from sales before all the costs of running the business are paid.

It is not always easy to determine the product and services that satisfy needs and wants.

Both individuals and organizations can be producers.

Things that are required in order to live are known as wants.

A person who buys and uses goods and services is called a consumer.

Scarcity does not effect everyone.

The method a country uses to answer the three economic questions

Generally, a lack of competition will result in lower prices for goods and services.

There are seven steps in the decision making process.

Which of the following is NOT an especially important principle of the U.S. economic system?

Communism refers to the private ownership of resources by individuals rather than government

The rivalry among businesses to sell their goods and services is known as

the money you have left after the costs of operating a business.

The basic economic problem results from not having enough resources to satisfy every need.

Are activities provided to satisfy others that are consumed at the same time they are produced

The largest producer of goods and services in the world is

are things that are required to live.

If everybody had an unlimited supply of economic resources, which of the followin wouldnt exist

People producing goods and services are called