Business Tech Unit 1 - Intro To Business

What is the first step of 6 steps in the decision making process?

Total dollar value of all goods and services produced in an economy in one year.

What type of resource is shown in this picture?

Movement of the economy from one condition to another and back again is the?

This type of economy is controlled by the government

If an individual works 50 hours in a week and produces 10,000 units, what is their productivity

When Demand is High and Supply is low, Prices are High.

What country had the highest GDP in 2005?

Things of value that you can own, use, or dispose of

Rivalry among businesses is?

This type of economy shows slow progress and goods are typically created by hand:

These are things necessary to live

The 2nd step in the decision making process is?

Conflict between unlimited wants and limited resources

Business spending for buildings, supplies, and equipment is added into a country's GDP.

The last four steps (in order) of the decision making process are as follows:

You are currently using this type of resource

In this economy, businesses are free to make their own decisions

When Supply is High and Demand is Low Prices are High.

In this type of economy, businesses can make their own decisions & can be privately owned

When supply is low and demand is high, prices are high.

What type of resource are they drilling for in this picture?

Number of units produced divided number of hours worked equals?

Amount of a good/service that consumers are willing & able to buy & price of the good/service

Total Sales minus Total Cost equals?