Intro to Business: Chapter 1- Economic Decisions

Things that add comfort & pleasure to your life are ___

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

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

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

The largest producer of goods and services in the world is

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

In every nation on Earth,

All economic resources have a limited supply.

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

Generally, as the price of a product increases,

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

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

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

Buildings, equipment & supplies are examples of natural resources.

People producing goods and services are called

Every nation must decide

Another name for the economic system in the United States is

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

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

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

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

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

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

Which of the following is an economic need?

Who owns the economic resources in a market economy?

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

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

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

Goods

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

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

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

__ means not having enough resources to satisfy every need.

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

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

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

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?

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