Intro to Business Unit 1 Review

Not having enough resources to satisfy every need is known as what?

In which economy can people own their own land and businesses?

What is NOT a shortage? :)

The value of the next best alternative that you were not able to choose is what?

Activities provided for satisfaction of others & are consumed the same time they are produced?

If demand goes down, what happens to price?

In which economy do leaders make all the decisions?

If the price of Jordan shoes goes up, the quantity listed for sale goes up, this is the law of:

The owner of the new hot dog restaurant that just opened in Des Plaines is what?

Raw materials found outside to make furniture or things in a restaurant are what?

If the school wants to add an extension but doesn't have enough land, it's a problem of what?

 The quantity of a good or service that consumers are willing and able to buy is known as what?

The new branch manager at the local AT&T store is known as what?

Things available to be used to produce goods and services are what?

At your birthday party there is one cupcake left over, they give it to the dog, what question?

You and your 2 friends open a lemonade stand, you have all the lemons, cups, etc.What question?

Things that are required in order to live are what?

Where does a surplus exist?

Money left from sales after all of the costs of operating a business have been paid is what?

The quantity of a good or service that businesses are willing and able to provide is what?

Your parents' backyard has a great spot for a garden, which question must be answered?

Things that add comfort and pleasure to your life are what?

The tractor a farmer uses to plow through the corn fields is known as what?

In which economy do they do things based on past customs?

Tangible things you can see and touch are what?