Unit 1 - i2B

Things that you can see and touch

Which of the following is a consumer?

Things that add comfort and pleasure to your life

If heavy competition for a product keeps its price low, businesses will be very motivated to offer the product for sale.

All of the following is a capital resource EXCEPT

The last step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.

People producing goods and services are?

Not having enough resources to satisfy every need.

Things that are required in order to live.

If a country focused on advanced technology & a skilled labor force, it is answering which economic questions?

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

When you give up something to have something else.

Having unlimited wants and needs and limited economic resources is the basic economic problem.

All of the following is a need EXCEPT

Products and money used in the production of goods and services are called natural resources.

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

The quantity of a good or service that consumers are willing and able to buy is called

The higher the price, the higher the producer’s profits.

Buying decisions are made by consumers in a market economy

The point where supply and demand are equal is called what?

Your needs and wants never end.

In which of the following situations is demand MOST likely to be reduced?

The means through which goods and services are produced are called

Goods and services are produced the way they have always been produced.

Those who buy and use goods and services are?

Personal economic freedom is most limited in a

China could best be characterized as a command economy.

Raw materials supplied by nature.

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

The next-best alternative that you did not choose is called

Which of the following is NOT characteristic of a capitalistic economy?