Entre All Chapter 2

Competition performs all of the following functions in the U.S. economy except

Most industrialized countries use what economic system?

Traditional economies are used in developed countries.

Wants are things that you must have in order to survive.

Marginal benefit measures the advantages of producing one additional unit of a good.

The role of business is to produce and distribute goods and services that people need and want.

Needs and wants are limited.

Natural resources are not limited in supply.

Communism is another name for the economic system in the United States

The fixed costs of a business

A market economy is based on personal choice.

When the quantity of a good or service produced increases, variable costs remain the same.

Different tribes use what economic system if they barter?

The psychologist who developed a theory on the hierarchy of needs was

Capitalism is another name for the economic system in the United States

The forces of supply and demand determine

Inelastic demand occurs when a change in price creates more demand.

Opportunity cost is the cost of the last alternative.

Things that you think you must have in order to feel satisfied are called

Natural resources include equipment and buildings.

What are the 4 market structures

Human resources rarely perform specialized labor.

Services must be provided to you at the time you need them—they cannot be stored

The functions of business operate independently of each other.

In a competitive market,

Scarcity occurs

Capital resources include buildings and equipment.

The U.S. economic system is based on all of the following principles except

When a business owner decides to grow the business he or she should consider the

Supply curve for a market economy shows as the price of goods rise suppliers will produce more

Setting business goals would be considered primarily a function of

In a market with perfect competition, a small # of businesses gain the majority of total sales.

The most basic of needs is security.

The rivalry among businesses to sell their goods and services is called competition

Needs are things that you must have in order to survive.

What are the 4 principles that the US economy is based on?

Profits = expenses minus revenues

Competition performs all of the following functions in the U.S. economy except

Which need involves a sense of accomplishment, such as earning a high school diploma?

What are the 4 concepts that make up the marketing mix?

A demand curve shows that the quantity consumed

The most basic of needs are physiological.

The U.S. economic system is based on all of the following principles EXCEPT

The two factors of economic decision making are scarcity and demand

What are the 4 economic systems

At the equilibrium price, supply is

Needs and wants are never-ending.

Economic resources are not factors of production.

Being a member of a team or club is an example of a social need

Fixed costs must be paid even if a company has no sales.