Intro to Business: Unit 1: Economic Decisions & Systems

The mismatch of unlimited wants/needs and limited economic resources, is the basic economic problem.

What of the following is the correct order for Steps 1 - 3?

If a curve is going UP, which type of curve is it?

"I think the best decision is the Toyota 4Runner." Which step is this?

Which of the following are examples of Factors of Production (FOP)?

The point where the 2 curved lines meet is called _______

Which of the following is NOT a natural resource?

Goods can be described as intangible things you can purchase.

People who determine what products and services will be available for sale are ________

Competitors, influence _______

When you give up something to have something else, this is an example of ___________?

The higher the price of a product, the higher the producer's profit is guaranteed.

You have an unlimited amount of Needs and Wants.

Weighing out the Pros and Cons is Step 3?

Which of the following means not having enough resources to satisfy every need?

Decision Making Process: Acting on your choice is which Step?

Decision Making Process: Defining the problem is which Step?

Which of the following is NOT a principle of Capitalism?

If prices DECREASE, the demand will ________

All of the following are capital resources EXCEPT:

The value of what you gave up compared to what you bought, is an example of __________?

There are 7 steps in the Decision Making Process?

Equilibrium is another term for Market Price.

Which type of economy is where the resources are owned and controlled by the government?

Needs can be described as things that are necessary for survival.