Principles of Business and Finance 1.01

Good are things you cannot see and touch.

Scarcity means not having enough resources.

Both individuals and organizations can be producers.

3 types of economic resources: natural, human and capital

Supply is the quantity of a good or service that a consumer is willing and able to buy.

The primary reason business owners make investments and take risk is to

Needs are things that add comfort and pleasure to your life.

Which of the following would an economist most likely classify as a need?

Opportunity cost is the value of the next best alternative that you did not choose.

DIECAR is the acronym for the economic decision making process.

In which of the following economic systems does the government make all decisions?

A nation's plan for answering three economic questions is called ____________________

_________________________ refers to the private ownership of resources by individuals

A ________________ combines elements of the command and market economies.

An example of a natural resource is 

Economic resources are known as factors of production.

Things that are required in order to live are known as needs.

Services are activities that are consumed at the same they are produced.