Unit 1 Business Essentials - Economics

Which is an advantage of a command economy economic system compared to our economic system?

The study of how individuals and groups of people make choices to satisfy needs and wants

Benefits of competition include all of the following except . . .

Microeconomics focuses on

Whose viewpoint should you take when thinking about Supply?

Economics: the study of individuals and groups of people and their choices to try to satisfy their needs and wants

An example of the factor of production "Land" is

Which is NOT one of the 3 main areas of business?

The economic force of unlimited wants and limited resources

An example of the factor of production "Labor" is

A characteristic of a command economy

Which is these is an economic service?

The factor of production "Entrepreneurship" is necessary in order to . . .

Which is not a category for the Factors of Production?

What are the extreme opposite economic systems countries use in dealing with scarcity?

Whose viewpoint should you take when thinking about DEMAND?

A characteristic of a market economy is