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Intro to Business: Semester #1 Final Exam Review Flashcards | StudBud
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Intro to Business: Semester #1 Final Exam Review
Intro to Business: Semester #1 Final Exam Review
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Intro to Business: Semester #1 Final Exam Review
Flashcards
25 cards
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Questions
25
Answers
1
Which of the following is the best example of a want?
Clothing
Car
Food
Housing
2
What type of resource are teachers, coal miners, bank managers, and farm workers?
Entrepreneurial Resources
Capital Resources
Human Resources
Natural Resources
3
What are the raw materials found in the environment called?
Unlimited Resources
Natural Resources
Capital Resources
Human Resources
4
Ethics is a set of moral principles by which people conduct themselves.
True
False
5
Which economy are the 3 economic questions answered by the decisions of consumers & businesses?
Planned Economy
Market Economy
Command Economy
Traditional Economy
6
When your wants and needs conflict with your resources, you must make a choice.
False
True
7
In a command economy, businesses have more freedom to profit
True
False
8
Goods can be physically weighed or measured, but services cannot.
False
True
9
In which phase of the business cycle does demand begin to decrease?
Recovery
Depression
Recession
Prosperity
10
Which of the following is a good?
ATM Transaction
Hair Cut
Gasoline
Dentist
11
Necessary wants are needs.
True
False
12
Both individuals and societies have to deal with a shortage of resources.
True
False
13
The United States has a low GDP compared to other countries.
False
True
14
Inflation reduces the purchasing power of money.
True
False
15
In a market economy, prices and wages are determined by. . .
Bartering
Supply & Demand
Suppliers & Taxes
Inflation
16
What are limited resources called?
Renewable
Supply
Non-Renewable
Market Demand
17
One reason a country will engage in trade with another country is a lack of resources.
False
True
18
Natural resources become factors of production when we use them to produce goods.
False
True
19
With which type of economy are the 3 basic economic questions answered by a central authority?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
20
Unemployment statistics are an important indicator of economic activity.
False
True
21
The difference between a country’s total exports and total imports is called what?
Balance of Trade
Trade Surplus
Trade Deficit
Foreign Debt
22
Economic systems develop to solve the problem of scarcity.
False
True
23
One of the problems in economics is that wants are unlimited.
True
False
24
What must businesses provide to consumers in order to satisfy their wants and needs?
Intangible Desires
Cost-Effectiveness
Technology
Goods & Services
25
Which of the following is considered a human resource?
Farmers
Currency
Television
Oil
