stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
PBMF Ch 1: Economic Decisions & Systems Flashcards | StudBud
Explore
/
PBMF Ch 1: Economic Decisions & Systems
PBMF Ch 1: Economic Decisions & Systems
47 terms
·
StudBud Administration
·
340 plays
Principles of Business, Marketing, and Finance Chapter 1 Review
Flashcards
47 cards
F
Practice quiz
P
Host live
L
Questions
47
Answers
1
Goods and services are produced the way they always have been produced in a
command economy
market economy
traditional economy
mixed economy
2
In which of the following situations is demand MOST likely to be reduced?
all of the above tend to reduce demand
prices for a popular product are reduced
customers can't find a good sub. for a product they want
customers see a # of products they believe satisfy a need
3
Which of the following is a consumer
a business
an individual
the government
all of these are consumers
4
Which is
not
true about a Free Market Economy?
There is limited government control on what/how to produce
The market determines prices
There is no economic plan
Resources are owned by the government
5
The products and money used in the production of goods and services is
Capital Resources
Raw Materials
Humans Resources
Franchise
6
Which is a definition of capitalism
People put themselves first because no one will help them
Industry controlled by private owners for profit
Rich cannot exist without the poor
Dominance in industries by achieving significant advantages
7
All of the following is a capital resource EXCEPT
lumber
a pickup truck
a factory
employees
8
Which of the following is a natural resource?
Livestock
An Office Building
New Shoes
Labor
9
Country decides focus on adv tech & skilled labor force-primarily answering which question?
What to produce?
How to produce?
Which needs to satisfy?
Which wants to satisfy?
10
What step of the decision making process is: "Choose the best alternative"
4th
5th
3rd
2nd
11
Economic resources are sometimes referred to as factors of _____________.
demand
needs
production
economics
12
Things that add comfort and pleasure to your life
wants
goods
needs
services
13
The process of choosing which wants, among several wants being considered, will be satisfied:
Factors of production
Economic decision making
Defining the problem
Basic economic problem
14
The rivalry among businesses to sell their goods and services is called _______________.
market economy
competition
demand
production
15
Unlimited wants and needs and limited economic resources is the basic economic problem.
false
true
16
What step of the decision making process is: "Act on your Choice"
5th
1st
3rd
6th
17
The right of private property means you can own, use, or dispose of things of value.
false
true
18
What is Capitalism?
An economy where the people don't privately own any businesses
An ecomony where the people eat cake
An economy where a few people own private businesses
An economy where production businesses are privately owned
19
Those who buy and use goods and services
natural resources
producers
human resources
consumers
20
Raw materials supplied by nature are called
capital resources
goods
human resources
natural resources
21
What step of the decision making process is: "Review your decision"
5th
6th
2nd
4th
22
Personal economic freedom is limited in a
market economy
mixed economy
traditional economy
command economy
23
In a market economy, buying decisions are made by consumers.
False
True
24
The quantity of a good or service that consumers are willing and able to buy is called
demand
supply
and economic want
an economic amount
25
In this type of economy, goods and services are produced the way they have always been produced
mixed
market
traditional
command
26
Things you can see and actually touch
services
needs
goods
wants
27
The means through which goods and services are produced are called
economic choices
spending opportunities
needs
economic resources
28
Those who determine which products/services will be available for sale
Suppliers
Consumers
Producers
Government
29
All of the following is a need EXCEPT
fine jewelry
food and shelter
clean air
clothing
30
The point at which supply and demand are equal is called the ______________.
market price
economic decision making
production factor
opportunity cost
31
Things that add comfort and please to your life are called
needs
wants
human resources
services
32
People producing goods and services.
trade-off
human resources
natural resources
producers
33
When you give up something to have something else
trade-off
scarcity
decision making
market price
34
Which of the following is NOT characteristic of capitalism?
competition among business
the profit motive
freedom of choice
government ownership of resources
35
What step of the decision making process is: "Define the problem"
3rd
1st
4th
2nd
36
Equipment and money used in the production of goods and services are called natural resources.
false
true
37
Raw materials supplied by nature
Natural Resources
Human Resources
Capital
Supply
38
The United States could be characterized as a mixed economy.
false
true
39
Not having enough resources to satisfy every need is called
competition
factors of production
trade-off
scarcity
40
The value of the next best alternative that you did not choose is called
scarcity
trade-off cost
economic cost
opportunity cost
41
Things that are required in order to live are known as.....
Needs
Goods
Wants
Services
42
Things that are intangible and have no physical characteristics are called
needs
services
wants
products
43
What type of economy doesn't exist?
Market Economy
A perfect economy
Traditional Economy
Command Economy
44
Your needs and wants never end.
false
true
45
If heavy competition keeps a price low, bus. will be motivated to offer the product for sale.
True
False
46
If many consumers want a particular service, its price will probably go up.
True
False
47
Not having enough resources to satisfy every need.
Economics
Scarcity
Economic Resources
Capital Resources
