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Intro to Business 1 Chapter 1 Review Flashcards | StudBud
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Intro to Business 1 Chapter 1 Review
Intro to Business 1 Chapter 1 Review
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Intro to Business 1 Chapter 1 Review
Flashcards
28 cards
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Questions
28
Answers
1
Products and money used in production of goods and services.
Human Resource
Capital Resource
Economic Decision Making
Natural Resource
2
If there are few competitors what will happen to price?
Stay the same
Go down
Go up
3
Process of choosing which wants, among several options, will be satisfied.
Opportunity Cost
Economic Decision Making
Economic System
Decision
4
A nation's plan for answering the three economic questions.
Economic System
Decision
Opportunity Loss
Opportunity Cost
5
Giving up something to have something else.
Human Resource
Natural Resource
Capital Resource
Tradeoff
6
Activity that is consumed at the same time it is produced.
Service
Need
Good
Want
7
If there is a large supply of a product what will happen to price?
Stay the same
Go up
Go down
8
Which of the following is NOT a type of economic system?
Market Economy
Traditional Economy
Private Economy
Command Economy
9
Things that are required to live.
Want
Service
Good
Need
10
Resources are owned and controlled by the people of the country.
Market Economy
Private Economy
Command Economy
Traditional Economy
11
Which of the following is NOT a type of economic resource?
Natural
Capital
Man Made
Human
12
Consumers set supply.
True
False
13
If there is low demand what will happen to price?
Go up
Stay the same
Go down
14
Things that add comfort and pleasure to your life.
Need
Service
Want
Good
15
Resources are owned and controlled by the government.
Market Economy
Private Economy
Command Economy
Traditional Economy
16
Needs and wants are unlimited.
False
True
17
If there is high demand what will happen to price?
Go up
Stay the same
Go down
18
People producing goods and services.
Natural Resource
Opportunity Cost
Capital Resource
Human Resource
19
Raw materials supplied by nature.
Economic System
Capital Resource
Human Resource
Natural Resource
20
The value of the next-best alternative that you did not choose.
Tradeoff
Decision
Opportunity Loss
Opportunity Cost
21
Something you can see and touch.
Service
Want
Need
Good
22
Goods are produced the way they always have been in this type of economy.
Market Economy
Private Economy
Traditional Economy
Command Economy
23
The basic economic problem is corporations are greedy.
False
True
24
Economic resources are unlimited.
True
False
25
Which of the following is NOT an economic question?
Where will the goods and services be produced?
How will the goods and services be produced?
What goods and services will be produced?
What needs/wants will be satisfied with goods/services?
26
Most countries have this type of economy.
Mixed Economy
Private Economy
Command Economy
Market Economy
27
If there is minimal supply of a product what will happen to price?
Go down
Stay the same
Go up
28
Which of the following is NOT one of the principles that the US economy is based on?
Profit
Private Property
Corruption
Freedom of Choice
