Intro to Bus. Unit 1 Updated 2020

Question 1

Ethics are __ principles for how people conduct themselves personally, socially, professionally

Accepted Answer

Moral

Question 2

When a government makes more than it spends in taxes in a year, it has a ____.

Accepted Answer

budget surplus

Question 3

The phase of economic improvement following a recession is ___.

Accepted Answer

Recovery

Question 4

Barbershops are an example of a business that provides ___.

Accepted Answer

A service

Question 5

The amount of money given or asked for when a service is bought or sold is called its ___.

Accepted Answer

Price

Question 6

The total value of goods and services produced in a country in a given year is called its ___.

Accepted Answer

Gross domestic product

Question 7

The plant and equipment owned by a manufacturing business are examples of ___.

Accepted Answer

Capital resources

Question 8

People paid to make goods are services are called ___ resources.

Accepted Answer

Labor

Question 9

Resources limit the number of needs and wants people can ___.

Accepted Answer

Satisfy

Question 10

Why is the unemployment rate always understated?

Accepted Answer

It doesn't include people who've stopped looking for a job

Question 11

The decision to stop manufacturing products is often because of decreased ______ .

Accepted Answer

demand

Question 12

Which of the following is a renewable resource?

Accepted Answer

Wind energy

Question 13

Which of the following would you likely NOT see during a time of economic peak or prosperity?

Accepted Answer

Low standard of living

Question 14

Economic systems are the methods societies use to distribute ______ .

Accepted Answer

resources

Question 15

Which is not a factor of production?

Accepted Answer

Land resources

Question 16

During a time of inflation, a person's buying power ___.

Accepted Answer

Decreases

Question 17

Which of the following does not help measure economic activity?

Accepted Answer

Environmental awareness

Question 18

Economic activity slows down during a ___.

Accepted Answer

Recession

Question 19

In a market economy, economic decisions are made by ___.

Accepted Answer

The marketplace

Question 20

In a command economy, key economic decisions are made by ___.

Accepted Answer

The government

Question 21

Tasks that businesses perform for consumers are known as ___.

Accepted Answer

Services

Question 22

What causes a country to answer the 3 basic economic questions?

Accepted Answer

Scarcity of resources

Question 23

When dealing with scarcity, it is important to identify the best way to use the item that is __

Accepted Answer

In short supply

Question 24

When a government spends more than it makes in taxes in a year, it has a ____.

Accepted Answer

budget deficit

Question 25

Which of these is not a characteristic of a depression?

Accepted Answer

Lots of new businesses are opening

Question 26

Which term best describes the economies of most countries?

Accepted Answer

Mixed economy

Question 27

A lack of resources needed to go into producing goods or services is called ___.

Accepted Answer

Scarcity

Question 28

Business is any commercial activity that seeks ___.

Accepted Answer

Profit

Question 29

The total amount the US government owes is referred to as ____.

Accepted Answer

national debt

Question 30

Items that people can use to make or obtain what they want or need are called ___.

Accepted Answer

Resources

Question 31

In which system does a central authority make key economic decisions?

Accepted Answer

a command economy

Question 32

Companies thrive on ___.

Accepted Answer

Competition

Question 33

The rise and fall of economic activity over time is called the ___.

Accepted Answer

Business cycle

Question 34

An increase in the unemployment rate indicates an economy is ___.

Accepted Answer

Slowing down

Question 35

All of the following were likely causes of the Great Depression except ___.

Accepted Answer

Opening of new businesses

Question 36

A person who uses goods or services is called ___.

Accepted Answer

A consumer

Question 37

Which of these is a characteristic of a recession?

Accepted Answer

All of these are characteristics of a recession

Question 38

The economic resources needed to make a society's goods and services are called ___.

Accepted Answer

Factors of production

Question 39

How are labor resources and entrepreneurial resources alike?

Accepted Answer

Both are provided by people.

Question 40

What are the factors of production?

Accepted Answer

natural, labor, capital, and entrepreneurial resources

Question 41

Competition is possible because companies have the freedom to produce the products they think will be most ___ .

Accepted Answer

profitable

Intro to Bus. Unit 1 Updated 2020

Questions 41

Intro to Bus. Unit 1 Updated 2020

Questions 41