Unit 1 Review-Business Basics/Economics

Which of the following is NOT an economic indicator?

Which stage of the business cycle has the highest unemployment rate?

There are two types of economies command and market.

Which of the following represents a service?

Businesses strive to improve products and services so they have more customers. This is called?

The Law Of Supply states if the price of an item goes up?

What word describes a countries lack of resources?

The price of products has the same effect on supply and demand.

Which stage of the business cycle represents when people begin to go back to work?

Which words are included when calculating the unemployment rate?

Which of the following is NOT considered a resource?

What word best describes our wants and needs?

The last step of the decision making process is?

In a market economy the government controls all the resources.

The decision making process should be used anytime a decision is being made.

Which of the following is NOT representative of a public want?

Startup costs are $100. Sales are $145. How much is your profit?

If you have startup costs of $100 and sales of $145 how much is your revenue?

Which is NOT a public want?

Which of the following is not a step of the decision making process?

The Law Of Demand states if the retail price of a product goes up?

Which is not considered a need?

Which stage of the business cycle represents the best time ecomically?

A new Olive Garden in Sycamore would be considered a private want.

Which of the following best describes Entrepreneurial Resources?

In a command economy everyone earns approximately the same pay.

Opportunity Cost is

Which of the following could be a reason for a business to stop manufacturing a product?

Most nations have what type of economy?

What is the motive of business?

One possible sign of a recession is

Which stage of the business cycle is represented when the economy begins to slow down?

I buy a car and make payments rather than go on vacation the opportunity cost of that decision

Due to the rising number of poor, the U.S. is considered as having a low standard of living.

Which of the following is NOT a capital resource?

Economic Indicators overall measure

Competition forces businesses to