Intro to Business: Chapter 1- Economic Decisions

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

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

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

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

__ means not having enough resources to satisfy every need.

Goods

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

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

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

In every nation on Earth,

The largest producer of goods and services in the world is

Things that add comfort & pleasure to your life are ___

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

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

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

Who owns the economic resources in a market economy?

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

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

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

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

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

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

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

Every nation must decide

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

All economic resources have a limited supply.

Buildings, equipment & supplies are examples of natural resources.

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

Which of the following is an economic need?

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

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

People producing goods and services are called

Generally, as the price of a product increases,

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

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

Another name for the economic system in the United States is

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

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

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