Unit 1 Review-Business Basics/Economics

Which of the following is NOT an economic indicator?

Which is NOT a public want?

Due to the rising number of poor, the U.S. is considered as having a low standard of living.

Most nations have what type of economy?

A new Olive Garden in Sycamore would be considered a private want.

The Law Of Demand states if the retail price of a product goes up?

What word best describes our wants and needs?

Which of the following represents a service?

Which is not considered a need?

Which of the following is NOT representative of a public want?

Startup costs are $100. Sales are $145. How much is your profit?

One possible sign of a recession is

Opportunity Cost is

The price of products has the same effect on supply and demand.

Which of the following is NOT considered a resource?

In a market economy the government controls all the resources.

Competition forces businesses to

The decision making process should be used anytime a decision is being made.

There are two types of economies command and market.

Economic Indicators overall measure

If you have startup costs of $100 and sales of $145 how much is your revenue?

Which words are included when calculating the unemployment rate?

The Law Of Supply states if the price of an item goes up?

What is the motive of business?

Businesses strive to improve products and services so they have more customers. This is called?

I buy a car and make payments rather than go on vacation the opportunity cost of that decision