I2B: Chapter 1 Review

Question 1

What phase are you in when unemployment increases and demand starts to decrease?

Accepted Answer

Recession

Question 2

What cycle are you in if businesses start to fail and unemployment is at an all time high?

Accepted Answer

Depression

Question 3

This is how we measure our economy against others:

Accepted Answer

Gross Domestic Product, GDP

Question 4

What step is where you list the pros and cons of each choice?

Accepted Answer

Evaluate

Question 5

Voting makes you active in what economic role?

Accepted Answer

Citizen

Question 6

What is the first step of the decision making process?

Accepted Answer

Define

Question 7

Who controls supply?

Accepted Answer

Businesses

Question 8

Regarding productivity this is end result of production:

Accepted Answer

Output

Question 9

This market allows businesses and individuals to be free to make their own decisions:

Accepted Answer

Market

Question 10

Step of the decision process where you plan ahead on implementing a new procedure or choice:

Accepted Answer

Act

Question 11

These things are intangible and are consumed the same time they are produced.

Accepted Answer

Services

Question 12

These things are tangible, you can feel and touch them.

Accepted Answer

Goods

Question 13

In this type of economy things progress very slowly, mainly found in third-world countries:

Accepted Answer

Traditional

Question 14

Which of these is not a part of the business cycle?

Accepted Answer

Opression

Question 15

Resources by themselves will not satisfy needs & wants alone they are transformed by this:

Accepted Answer

Human

Question 16

When economic resources are privately owned by individuals, creating free enterprise is called:

Accepted Answer

Capitalism

Question 17

When you purchase music and movies online it becomes your _____?

Accepted Answer

Private Property

Question 18

What is the decision making step where you decide which option is the best route to take?

Accepted Answer

Choose

Question 19

What is the input stand for in the productivity formula?

Accepted Answer

Hours

Question 20

Main economic problem dealing with the conflict between unlimited wants & limited resources.

Accepted Answer

Scarcity

Question 21

Demand is controlled by who?

Accepted Answer

Public

Question 22

Allows the customer to choose a variety of products & services in quality, price & appearance

Accepted Answer

Competition

Question 23

Things you require to live are known as this:

Accepted Answer

Needs

Question 24

These resources come from our planet and usually are the starting point for any goods:

Accepted Answer

Natural

Question 25

What is the optimal price called?

Accepted Answer

Equilibrium

Question 26

This type of economy the government owns the businesses:

Accepted Answer

Command

Question 27

The means through which goods and services are produced are called:

Accepted Answer

Economic Resources

Question 28

The resource that uses tools, equipment & supplies to supply goods & services is:

Accepted Answer

Capital

Question 29

A thing all business owners desire, the more time they work & greater risk for great reward.

Accepted Answer

Profit

Question 30

When does a business reach its optimal price?

Accepted Answer

When supply and demand are equal

I2B: Chapter 1 Review

Questions 30

I2B: Chapter 1 Review

Questions 30