BE - Unit 1: "Economics" Review

Economic systems must answer the following questions about goods & services, except:

Which of the following is NOT a factor of production?

Which of the following is NOT a principle of capitalism?

When consumers change their demand based on the price of a product, which exists?

The value of what you give up for the next-best alternative is called:

Which economic system is the most common around the world?

Which of the following is NOT a weakness of the Private Enterprise System?

The law of demand states that consumers will buy MORE when prices are.. 

All decisions are made by the government.

Which of the following is NOT an economic freedom of private enterprise?

What is the first step in the Decision Making Process?

A person who buys and uses goods or services is called a(n)

Which law states that when Price increases, Demand will decrease.

The amount of goods and services that producers will provide at various prices...

Which of the following is NOT a phase in the business cycle?

The point at which quantity supplied and quantity demanded meet is called...

Dividing GDP by the total population results in...

What type of market exists when the price of a product is low due to large supply & low demand?

Determining output per worker is called

When demand for a product is great, price will... 

In a private enterprise system (or free enterprise), questions are answered by

An increase in the general level of prices is called

Decreasing demand, rising unemployment, & GDP slowing describes which business cycle?

Demand for a good is more likely to be elastic when the good is

A change in the price of a product will generally result in which of the following?