GB--Intro. to Business & Economics

Question 1

Both government and individuals make decisions about economic resources in a ......

Accepted Answer

mixed economy

Question 2

According to your textbook, chapter 1, who deals with the basic economic problem?

Accepted Answer

all of these

Question 3

An economic system where the resources are privately owned by individuals, not govt.

Accepted Answer

All of these

Question 4

Supply is regulated by __________.

Accepted Answer

producers

Question 5

Activities involving money.

Accepted Answer

Finance

Question 6

Activities that identify, anticipate, and satisfy customer demand.

Accepted Answer

Marketing

Question 7

The customer of a service business is called?

Accepted Answer

client

Question 8

The willingness and ability to start a new business.

Accepted Answer

entrepreneurship

Question 9

The difference between the income earned and expenses incurred by a business.

Accepted Answer

profit

Question 10

The work performed by people in businesses is..

Accepted Answer

labor

Question 11

Controlling and making decisions about a business.

Accepted Answer

Management

Question 12

The government makes all economic decisions for its citizens in a......

Accepted Answer

command economy

Question 13

The right of individuals to buy, sell, or give away assets.

Accepted Answer

private property

Question 14

Individuals are free to make their own economic decisions in a.....

Accepted Answer

market economy

Question 15

A rivalry among businesses to attract the same customers.

Accepted Answer

competition

Question 16

Customers who purchase goods and services for their own use.

Accepted Answer

consumers

Question 17

Banks that offer Sunday hours is an example of.

Accepted Answer

time utility

Question 18

A wide variety of stores in shopping malls available in one location is an example of...

Accepted Answer

Place Utlility

Question 19

Convenience stores and drive-thru pharmacies offer quick product access.

Accepted Answer

possession utility

Question 20

Cookware and serving dishes designed to be microwaveable is an example of..

Accepted Answer

form utility

Question 21

Economic factors that affect the price, demand, and availability of a product.

Accepted Answer

market forces

Question 22

Demand is regulated by_________.

Accepted Answer

consumers

Question 23

The value of the next best choice that was not selected.

Accepted Answer

opportunity cost

Question 24

Resources are ________ and Wants are ________.

Accepted Answer

limited, unlimited

Question 25

Which of the following is not a factor of production?

Accepted Answer

credit

Question 26

Which is not one of the three basic economic questions?

Accepted Answer

When should we produce?

Question 27

Anything that can be bought or sold.

Accepted Answer

Good, Product

Question 28

Economic decisions are based on a society's values, culture, and customs.

Accepted Answer

traditional economy

Question 29

An action or task that is performed for a fee.

Accepted Answer

service

Question 30

All the activities involved in developing and exchanging products.

Accepted Answer

business

Question 31

The economic resources a nation uses to make goods and services.

Accepted Answer

factors of production

Question 32

When demand is greater than supply, a ________develops.

Accepted Answer

shortage

Question 33

Any activity related to making a product.

Accepted Answer

Production

Question 34

Something a person must have in order to survive.

Accepted Answer

need

Question 35

A science that examines how goods and services are produced, sold, and used.

Accepted Answer

economics

Question 36

The point where supply equals demand for a product.

Accepted Answer

equilibrium

Question 37

A level of material comfort measured by the goods, services, and luxuries available.

Accepted Answer

standard of living

Question 38

Anywhere buyers and sellers meet to buy and sell goods and services.

Accepted Answer

market

GB--Intro. to Business & Economics

Questions 38

GB--Intro. to Business & Economics

Questions 38