Intro to Business - Ch 1 Test Review

What is another term for "market price?"

In a market economy, the ________ determine supply.

Which of the following is NOT one of the principles of capitalism?

Iphones, video games, and tv's are examples of:

Who controls the economic resources in a command economy?

What is the term for the money left from sales after all the costs of operating a business have been paid?

Which of the following is an example of a capital resource?

Who controls the economic resources in a market economy?

When you choose one thing over something else you have made an economic:

What is another term for "economic resources?"

Which of the following might impact the supply for a product or service?

A person or business that buys goods and services is called a:

Tangible things we can buy are:

Which of the following is NOT one of the 3 types of economic resources?

The concept of scarcity is the result of ________ wants and needs but _________ economic resources.

What is the first step in the decision-making model?

Which of the following is NOT one of the 4 types of economic systems?

As the price of an item increases, the quantity demanded __________ and the quantity supplied _________.

Which of the following might impact the demand for a product or service?

On the supply and demand graph, demand slopes ______ and supply slopes ______.

Intangible activities we can buy are:

In a market economy, the ________ determine demand.

Which economic system focuses on a meeting citizens basic needs?

Which principle of capitalism states that you can own anything you want and use it as you please?

What is the term for the value of the next best alternative you did not choose?