Intro to Business I Unit 1 Review

Generally Higher Demand = Lower Prices

The value of the next best alternative that you were not able to choose is known as

Capital resources include all of the following EXCEPT

The type of economic system identified by the United States is the

Factors of production include all of the following EXCEPT

If demand stays the same but the amount supplied decreases, prices will rise.

Goods are always

Suppliers are willing to supply more at ______________ prices.

A country with a comparative advantage in producing a good should _______________ in that good.

The following are effected by scarcity

The following terms can be identified with the U.S. economic system EXCEPT

Producing a good or service with the least amount of opportunity cost is known as

Which of the following is predominantly an example of a service business?

Producing a good or services with using fewer resources is known as

Consumers demand more at _______________ prices.

Greater amount of substitutes and competition = Higher Prices

All of the following are true EXCEPT

The main subject of Abraham Maslow's Theory is ____________.

The step in the 6 step Decision Making Process that identifies the choices is the

The basic economic problem is needs/wants > resources. This is also known as __________

Human resources include

The people or firms that use resources to make goods or services are known as

An example of a country that identifies with a command economy is