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Principles of Business Ch 1 A Flashcards | StudBud
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Principles of Business Ch 1 A
Principles of Business Ch 1 A
10 terms
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StudBud Administration
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205 plays
#Economic Decisions and Systems
Flashcards
10 cards
F
Practice quiz
P
Host live
L
Questions
10
Answers
1
Things that are required in order to live
needs
supply
trade-off
wants
2
Individuals & organizations that determine what products & services will be available for sale
supply
producers
demand
consumers
3
Economy in which the resources are owned & controlled by the people of the country
none of the above
command economy
traditional economy
market economy
4
Activities provided for satisfaction of others & consumed at the same time they are produced
wants
needs
services
goods
5
Process of choosing which needs & wants will be satisfied
capitalism
economic decision making
scarcity
economic resources
6
The method a country uses to answer the 3 economic questions
demand
economic system
scarcity
economic resources
7
Things that add comfort and pleasure to your life
wants
needs
Chick-fil-a
Starbucks
8
Things available to be used to produce goods & services
goods
economic resources
demand
services
9
Giving up on something to have something else
all of the above
risk
trade off
opportunity cost
10
Value of the next-best alternative that you were not able to choose
goods
opportunity cost
trade off
money
