Ms. Merritt's Principles of business 9 weeks review

To have a desire for an item with monetary value is called...

Government owns part of the means of production and decides how products will be distributed:

The phase of the business cycle in which unemployment is the highest is

quantity of a product that consumers will buy varies inversely with the price of the good

Beach towels, beach chairs and boogie boards available at the Walmart in Virginia Beach

An item used to produce goods and services is called a(n)

All investors in a general partnership have full liability for the debts of the business

The following is true about wants

The gap between unlimited wants and limited resources is known as:

The term capital goods includes

Type of business that combines advantages of corporation and a partnership

A business chartered by the state which legally operates apart from the owners

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

Products are available when they are needed

The person taking risks of owning and operating a business

The decision-making process is best to use when

individuals and business own and control production and distribution

business owned and operated by one person

Another word for the peak of economic activity is

Pick the three correct economic questions

quantity of a service that will be offered for sale varies directly with the price of a service

the rise and fall of economic activity over time

The first step in the decision-making process involves

The alternative that is given up when a choice has been made about the best use of resources

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

financial responsibility is not limited to just your investment

High purchase price, high initial operating fee, free national advertising

willingness to take less of one thing in order to get more of something else

The people who make the major policy and financial decisions in a corporation are the

The people who actually own a corporation

What is the heart of economics?

Where demand curve and supply curve intersects is known as

Things needed to survive

a rise in business activity after a recession or depression

These make our life more enjoyable

A deep recession that affects the entire economy and lasts several years

Each partner is liable for any debts only up to the limit of their involvement in the company

type of utility when a you give money to worker and they give you your 5 buck Taco Bell box

system where production and distribution owned and controlled by government

A product that has utility is one that is