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

Factors of production or economic resources

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

Factors of production or economic resources.

Step 1 in the decision making model involves which of the following?

identifying the problem/decision to be made

A MARKET economy is one in which

individuals are free to engage in business transactions

Which of the following is TRUE about inflation?

It is a sustained increase in the general level of prices

A family might not be able to afford the things they want because of an economic factor called

scarcity - the basic economic problem

amount buyers are willing and able to purchase at any price

Economics can be defined as

how people make decisions and why they make decisions

In a command economy,

Highly skilled workers earn the same as low skilled workers

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Economics - Business Foundations

17 termsStudBud Administration125 plays

Basics of economics

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Questions 17

Answers

1
In a COMMAND economy, who answers the three economic questions?
The individuals of the nation
The government and individuals as a joint, democratic effort
The government
2
Which of the following is a need and not a want?
family pet
manicure
new jeans
food
3
The means through which goods and services are produced are called…
International business components
Factors of production or economic resources
The basic economic philosophy
natural resources or production materials
4
The means through which goods and services are produced are called…
natural resources or production materials
Factors of production or economic resources.
International business components
The basic economic philosophy
5
For businesses to stay successful, they must offer,
Quality products
Outstanding services
Competitive prices
All are Correct
6
Step 1 in the decision making model involves which of the following?
review and evaluate your decision
identifying pros and cons
identify possible courses of action
identifying the problem/decision to be made
7
All of the following involve offering services except
DVD's
beauty salon
grocery store
car wash
8
Which of the following is NOT a privilege (characteristic) of a MARKET economy?
Freedom of Choice
competition
Profit
Dictatorship
9
A MARKET economy is one in which
individuals are free to engage in business transactions
buyers and sellers operate according to government rules
there is a central market committee that solves problems
stores stay open late at night
10
Which of the following is TRUE about inflation?
It is a sustained increase in the general level of prices
It is a sustained decrease in the general level of prices
It is a problem that our country has never had to deal with
11
Most nations have a
mixed economy
pure market economy
moderate command economy
pure command economy
12
A family might not be able to afford the things they want because of an economic factor called
faulty decision making
multiple greed
scarcity - the basic economic problem
the family economic problem.
13
Demand is the
amount stores are willing to put on their shelves
amount of products on the shelves at the stores
amount producers are willing and able to put at any price
amount buyers are willing and able to purchase at any price
14
Economics can be defined as
how people purchase wants and not needs
how people purchase needs and not wants
how people in the world work together
how people make decisions and why they make decisions
15
The three kinds of economic resources are all of the following EXCEPT
natural resources
capital resources
human resources
production resources
16
In a command economy,
Highly skilled workers earn the same as low skilled workers
Highly skilled workers are not needed
Highly skilled workers earn more than low skilled workers
Highly skilled workers earn less than low skilled workers
17
Which of the following phases of the business cycle does not always commonly occur?
recession
prosperity
recovery
depression

Economics - Business Foundations Flashcards | StudBud