Intro to Business Chapter 1 Review

The U.S. economic system is based on ___ important principles.

The money left over from sales after all the costs of operating a business have been paid is called _____.

Personal economic freedom is most limited in a(n) _____ economic system.

Another name of economic resources is ___.

Which is NOT one of the 4 principles the U.S. economic system is based on.

A(n) _____ economy combines elements of the command and market economies.

_____ are businesses offering very similar products to the same customers.

The _____ price is the point where supply and demand are equal.

A(n) _____ is the risk taker who uses resources in a new way to create a new product or service.

Which is not a need?

_____ is the quantity of a good or service that consumers are willing and able to buy.

Intangible things that you purchase are referred to as _____.

A nation's plan for answering the three economic questions is called its _____.

_____ means not having enough resources to satisfy every need.

_____ are individuals and organizations that determine what products and services will be available for sale.

___ refers to the private ownership of resources by individuals, rather than by the government.

The rivalry among businesses to sell their goods and services is known as ___.

Needs are essential while wants add to the quality of life.

Things that add comfort and pleasure to your life are _____.

A(n) _____ is the risk taker who uses resources in a new way to create a new product or service.

when you give up something to have something else, you are making a ___.

How many steps in the management decision making model?