Intro to Business Ch. 1

The point at which supply and demand are equal is called the

The United States is most closely a.......

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

Products and money used in the production of goods and services are.....

If many consumers want a product, the price will.....

All of the following is a need EXCEPT

The quantity of a good or service that consumers are willing and able to buy

Economic resources are sometimes referred to as

The value of the next-best alternative that you didn't choose.

What is NOT an example of a capital resources?

Which is a consumer?

Unlimited wants and needs and limited ____________ is called the basic economic problem.

The process of choosing which wants, among several options, will be satisfied is called...

The higher the price of a product, the higher a producer's profits are.

If a lot of competition keeps prices low of a product, more businesses will want to offer it.

Needs and wants are.....

Personal economic freedom is most limited in a

The right of ____________ means you can own, use, or dispose of things of value.

The first step in the economic decision making process is....

The way through which goods and services are produced are called....