Duplicate of Intro to Business - Unit 1

Which of the following addresses the economic question of how to produce

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

Point where supply and demand are equal.

Process of choosing which wants, among several options, will be satisfied.

Private ownership of resources by individuals rather than by the government.

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

Both individuals and organizations can be producers.

In which of the following economic system is the government's role most limited?

A nation's plan for answering the three economic questions.

System in which resources are owned and controlled by the government.

An example of a natural resource is

Value of the alternative you did not choose.

Things that are required in order to live.

It's not always easy to determine the products & services that are needs & those that are wants

Jo has 2 hrs. before work. He can study for test or nap. If naps what is the opportunity cost?

Supply-quantity of a good or service a consumer is willing & able to buy at a particular price.

System that combines elements of the command and market economies.

The basic economic problem is that consumers have too many products and services to choose from

The decision-making process is best to use when

As competition increases, prices

Activities that are consumed at the same time they are produced.

Quantity of a good or service that businesses are willing and able to provide.