Unit 1 Business Essentials - Economics

Microeconomics focuses on

Whose viewpoint should you take when thinking about DEMAND?

Whose viewpoint should you take when thinking about Supply?

Which is these is an economic service?

The factor of production "Entrepreneurship" is necessary in order to . . .

An example of the factor of production "Land" is

The economic force of unlimited wants and limited resources

Which is not a category for the Factors of Production?

Which is NOT one of the 3 main areas of business?

What are the extreme opposite economic systems countries use in dealing with scarcity?

An example of the factor of production "Labor" is

The study of how individuals and groups of people make choices to satisfy needs and wants

Which is an advantage of a command economy economic system compared to our economic system?

A characteristic of a market economy is

Economics: the study of individuals and groups of people and their choices to try to satisfy their needs and wants

Benefits of competition include all of the following except . . .

A characteristic of a command economy