what is the fundamental difference between a want and a need?

needs are essential for survival, while wants are not

which of the following best describes the primary focus of chapter 1?

understanding basic economic concepts

Which of the following is an activity that businesses undertake?

developing and marketing products

studbud

Chapter 1 Review

10 termsStudBud Administration

Imported from external platform

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
What motivates businesses to develop new products and services?
Government mandates
social responsibility
profits and competition
charitable donations
2
what is the fundamental difference between a want and a need?
wants are essential for survival, while needs are not
wants are unlimited. while needs are limited
needs are essential for survival, while wants are not
needs are unlimited while wants are limited
3
which of the following is a need?
entertainment tickets
food and shelter
designer clothing
A new smartphone
4
which of the following best describes the primary focus of chapter 1?
Analyzingglobaleconomic systems
exploring business ethics and social responsibility
detailing the history of entrepreneurship
understanding basic economic concepts
5
What term is used to describe the process of using resources to create goods and services?
Distribution
Consumption
Marketing
Production
6
What is a key factor that limits the number of wants and needs that people and businesses can satisfy
The level of competition in the market
Consumer demand
The availability of resources
Government regulations
7
Which of the following is an activity that businesses undertake?
developing and marketing products
setting government policies
regulating international trade
providing public services
8
Businesses hire people to work in order to:
provide services
make goods
regulate the economy
increase consumer spending
9
How do consumers typically influence businesses?
By deciding what to purchase
by setting prices for goods and services
by controlling the supply of resources
by determining government regulations
10
What can happen if consumers decide not to purchase a business's products or services?
the business will always adapt and succeed
the government will provide financial support
the business will be forced to lower prices
the business may fail

Chapter 1 Review Flashcards | StudBud