Bus Economics Basics

Jamal is willing to accept the production of fewer products as long as the products are of higher quality. Jamal is

The ultimate goal of all economic activity is ______.

In general, consumers are willing to pay more for goods and services that bring them greater _______.

Which of the following is the best reason for studying economics?

Which one of these groups of words best describes wants?

Water & air are examples of ____ resources, while people are considered to be _____ resources.

Two factors involved in determining the value of a resource, good or service are _______.

The heart of economics is

Seeing a movie at a theater would be considered a ____ want.

Which three are the basic economic questions?

Maria is trying to decide which goods & services to purchase so that she can get maximum satisfaction. Maria is _____.

Distribution examines how income is divided between _______.

Why are resources considered limited?

Wants can be divided into what two categories?

What do consumers, producers & owners do with money pymts. to create a flow of resources, goods, services & money pymts?

In order for consumption to occur, goods & services must be _______.

A gap between unlimited wants and limited resources creates ________.

Friendship is considered a ________ want.

Jose must decide between a new pair of jeans or bowling with friends. He decides on bowling.What's the opportunity cost?

In economics, capital goods include: