Principles of Business and Finance 4.02

Things that are required in order to live are known as needs.

Which of the following would an economist most likely classify as a need?

Economic resources are known as factors of production.

DIECAR is the acronym for the economic decision making process.

Nationwide banking plan set up by the federal government to supervise & regulate member banks. 

_________________________ refers to the private ownership of resources by individuals

Scarcity means not having enough resources.

Needs are things that add comfort and pleasure to your life.

In which of the following economic systems does the government make all decisions?

The financial institution most likely to charge the highest rate for loan would be a 

Opportunity cost is the value of the next best alternative that you did not choose.

Services are activities that are consumed at the same they are produced.  

3 types of economic resources: natural, human and capital

A nation's plan for answering three economic questions is called ____________________

Good are things you cannot see and touch.

The first document that must be completed when opening a checking account is the 

A ________________ combines elements of the command and market economies.

Both individuals and organizations can be producers.

True or False.  Using a debit card is similar to writing a check.

An example of a natural resource is 

The primary reason business owners make investments and take risk is to

Supply is the quantity of a good or service that a consumer is willing and able to buy.