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Business Chap 1 Flashcards | StudBud
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Business Chap 1
Business Chap 1
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Flashcards
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Questions
10
Answers
1
The rivalry among businesses to sell their goods and services is known as
entrepreneurship
Corning the market
capitalism
competition
2
It is not always easy to determine the products and services that satisfy needs and those that satisfy wants.
True
False
3
Who owns the economic resources in a market economy?
the people of the country
the tribal elders
the government
businesspeople and entrepreneurs but not consumers
4
Generally, a lack of competition will result in lower prices for goods and services.
True
False
5
Both individuals and organizations can be producers
False
True
6
As competition increases, prices
there is no way to predict what will happen to prices due to competition.
usually will decrease
are not affected so will usually not change
usually increase as well
7
Although all nations differ in the type n amount of economic resources they have, they all have the same economic needs
False
True
8
Which of the following would an economicst most likely classify as a need?
a battery-powered automobile
gasoline for a florist's delivery truck
a flat-screen television
a part-time job to earn extra money
9
Which of the following addresses the economic question of how to produce?
producing more capital goods and fewer consumer products
requiring individuals to complete specific types of work
selling natural resources to other countries
growing corn instead of potatoes
10
Supply is the quantity of a good or service that a consumer is willing and able to buy at a particular price.
False
True
