BBI Chapter 1

Canada is an example of a

Competition in business has given power to the

A sole proprietorship is a business owned by the workers or members who buy from the business

Needs are things necessary for survival and include

The last, and very important, step in a decision-making model is one where you

If consumers expect that prices will increase in the future, they will buy less

The price at which there is no shortage or surplus

Capital resources are those which come from the earth & include buildings, equipment & tools

Producers and consumers operate together to create a

Characteristics of entrepreneurs include having the ability to work alone and self-confidence

Economic systems need to answer one or more of the following questions

A decision-making model uses a ___- step process when attempting to analyze and solve a problem

Identifying the needs and wants of consumers for a new business is considered to be

The amount of money required at each stage of production is known as

The business that make goods or provide services are called