Introduction to Business Chapter 1 Review

Economic resources are the means through which goods and services are produced.

Most nations of the world can be classified as a traditional economy.

The prices of products featuring new technology will be higher because of less competition.

When many substitutes are available, what happens to the demand and price for that product?

Services are intangible, meaning they have no physical characteristics.

As the number of competitors for a product increases, so does the demand.

Personal economic freedom is limited in a market economic system.

The demand curve for a product illustrates the relationship between price and quantity demanded

All economic resources have an abundance of supply?

What is it called when consumers buy products and vote with their dollar?

What is the mismatch of unlimited wants, needs, and economic resources?

What is the quantity of a good or service that consumers are willing and able to buy?

Who determines what products and services will be available for sale?

What type of practices will help preserve natural resources?

If the demand and price increases on a product, what will business be willing to do?

A nation's plan for answer the three economic questions is its economic system.

If the price for a product decreases, the number of consumers willings and able to purchase...

The rivalry among businesses to sell their goods and services is known as economies.

What is the point where supply and demand are equal

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