Intro to Business: Chapter 1- Economic Decisions

All economic resources have a limited supply.

Which type of economy is usually centered mainly on meeting people's basic needs?

The _ curve for a product shows the relationship between price & quantity businesses will make.

Every nation must decide

Jonah had $25 to spend. He decided to buy a new shirt instead of going to an amusement park. 

Communism refers to the private ownership of resources by individuals rather than the gov't.

The rivalry among businesses to sell their goods & services is known as

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

_ is the quantity of a good or service that consumers are willing & able to buy.

The __ price is the point at which supply & demand are equal.

Which of the following scenarios will probably cause prices to drop?

If everybody had an unlimited supply of economic resources, which would not exist?

In the US, you can own anything & decide what you want to do with it (legal). This is principle

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

Personal economic freedom is most limited in a(n) ___ economic system.

When you make an economic choice, the _- is the value of the next best alternative you gave up.

Which of the following is an economic need?

Activities provided for the satisfaction of others & consumed at the time of purchase are

What is the final step in the decision-making process?

Goods

__ means not having enough resources to satisfy every need.

Another name for the economic system in the United States is

A person who buys and uses goods & services is called a consumer.

__ are businesses offering very similar products to the same customers.

Generally, as the price of a product increases,

The largest producer of goods and services in the world is

Who owns the economic resources in a market economy?

Things that add comfort & pleasure to your life are ___

Which of the following is NOT an important principle of the US economic system?

__ are individuals & org. that determine what products and services will be available for sale

A(n) __ economy combines elements of the command and market economies.

The money left over from sales after all the costs of operating a business have been paid is

In every nation on Earth,

Buildings, equipment & supplies are examples of natural resources.

The gov't of Erewhon owns & controls all economic resources. Which type of economic system?

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

A(n) ___ is the risk taker who uses resources in a new way to create a new product or service.

People producing goods and services are called

Which of the following is probably a competitor to Mary's CD shop?