PBMF Chap 1

Factors of production is another term for economic resources

The point at which supply and demand are equal is called ________.

Economy where goods and services are produced the same way that they have always been produced

Consumers are the individuals that decide which goods/services will be available for sale

Human resources are people using knowledge and skills at work to produce goods and services

Value of the next best alternative that is forgone to produce or obtain another product

Which of the following is a consumer (select only one)?

Both individuals and businesses can be producers

In which of the following economic systems is the government's role the greatest?

Economic system in which the government owns resources and dictates what is produced

Which of the following is most likely a need?

Demand is the necessity required for living

Needs are necessities required for living

Quantity of a good or service that consumers are willing to buy

All economic resources have an unlimited supply

Economic system where the resources are owned and controlled by the people.

Means from which goods and services are produced

Those who buy goods and services

Quantity of a good or service that a business is willing to provide

Wants are goods and services purchased to add comfort to our life

If many consumers want a particular service, its price will probably go up.

If a successful advertising campaign increased the demand for a product, the price most likely ____________.

Businesses that offer the same goods to the same customers

The basic economic problem is that consumers have too many products to choose from

Goods and money used in the production of goods and services

The point where supply and demand meet

An example of a natural resource is

Trade-off is the process of giving up something for gaining something else

Those who determine which products and services will be available for sale.

The right to purchase, use, and discard of things of value

In terms of supply, as fewer products are produced, the price most likely _____________________.

The right of private property means you can own, use or dispose of thigs of value.

Goods and services are owned by the people

Combines elements of the command and market economies

In which of the following economies is the government's role greatest?

If many consumers want a product or service, prices