Intro to Business Chapter 1

Question 1

Economic resources are sometimes referred to as FACTORS OF

Accepted Answer

PRODUCTION

Question 2

The value of the next-best alternative that you did not choose is called

Accepted Answer

Opportunity Cost

Question 3

The means through which goods and services are produced are called

Accepted Answer

Economic resources

Question 4

Things that are required in order to live are called

Accepted Answer

Needs

Question 5

When you give up something to have something else is called

Accepted Answer

Trade off

Question 6

First step in the decision making process is evaluate advantages and disadvantages

Accepted Answer

False

Question 7

If many consumers want a service, the price will likely go up

Accepted Answer

True

Question 8

Raw materials supplied by nature

Accepted Answer

Natural resources

Question 9

All of the following are needs EXCEPT

Accepted Answer

Fine Jewlery

Question 10

People producing goods and services are called

Accepted Answer

Human resources

Question 11

Your need and wants never end

Accepted Answer

True

Question 12

Which of the following situations is demand MOST likely to be reduced

Accepted Answer

Customers see a lot of products that fit their needs

Question 13

Which of the following is a consumer

Accepted Answer

All of the above

Question 14

What kind of economy has goods and services produces as they have always been

Accepted Answer

Traditional

Question 15

The U.S. economy is a command economy

Accepted Answer

False

Question 16

All of the following is a capital resource EXCEPT

Accepted Answer

Employees

Question 17

Which of the following is NOT a characteristic of a capitalistic economy

Accepted Answer

Government ownership of resources

Question 18

Those who buy and use goods and services

Accepted Answer

Consumers

Question 19

Things that are intangible and have no physical characteristics

Accepted Answer

Services

Question 20

The quantity of a good or service consumers are willing and able to buy is called

Accepted Answer

Demand

Question 21

Products and money used in the production of goods and services are called natural resources

Accepted Answer

False

Question 22

Mismatch of wants and needs and limited economic resources is called THE BASIC ECONOMIC PROBLEM

Accepted Answer

True

Question 23

The process of choosing which wants will be satisfied is called economic

Accepted Answer

decision making

Question 24

In a market economy, buying decisions are made by consumers

Accepted Answer

True

Question 25

The higher the price, the higher the profit

Accepted Answer

False

Question 26

Those who determine which products and services will be available for sale are called

Accepted Answer

Producers

Question 27

Things that add comfort and pleasure to your life are called

Accepted Answer

Wants

Question 28

Not having enough resources to satisfy every need

Accepted Answer

Scarcity

Question 29

The right of private property means you can own, use, or dispose of things of value

Accepted Answer

True

Question 30

Things that you can see and touch are called

Accepted Answer

Goods

Question 31

The point where supply and demand are equal is called the

Accepted Answer

Market price

Question 32

The rivalry among businesses to sell their goods and services is called

Accepted Answer

Competition

Question 33

Personal economic freedom is most limited in a

Accepted Answer

Command economy

Question 34

If competition for a product keeps the price low, business will offer a sale on the product

Accepted Answer

False

Question 35

Advanced technology and skilled labor focus's on what basic economic question

Accepted Answer

How to produce

Intro to Business Chapter 1

Questions 35

Intro to Business Chapter 1

Questions 35