INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
AND ASWERS A+ GRADED. Buy Quality Materials!
Economic Decision making
Process of choosing which wants, among several options, will be satisfied
Producers
Organizations that determine what products and services will be available for sale.
Economic System
A nation's plan for answering the 3 economic questions and trying to solve the basic
economic problem
Economic Resources
Means through which goods and services are produced.
Needs
Things that are required in order to live
Scarcity
Not having enough resources to satisfy every want or need
Supply
Quantity of a good or service that businesses are willing and able to provide
Consumer
Person who buys and uses goods and services
Command Economy
System in which resources are owned and controlled by the government
goods
things that you can see and touch
Capitalism
Private ownership of resources by individuals rather than by the government
Mixed Economy
System that combines elements of the command and market economies. Sometimes
referred to as socialism
Demand
Quantity of a good or service that consumers are willing and able to buy.
Market Price
Point where supply and demand are equal. Sometimes referred to as the equilibrium
price.
Wants
Things that add comfort and pleasure to your life
Tradeoff
Giving up something to have something else
Opportunity Cost
Value of the alternative that you did not choose
Market Economy
System by which the resources are owned and controlled by the people of the country.
AND ASWERS A+ GRADED. Buy Quality Materials!
Economic Decision making
Process of choosing which wants, among several options, will be satisfied
Producers
Organizations that determine what products and services will be available for sale.
Economic System
A nation's plan for answering the 3 economic questions and trying to solve the basic
economic problem
Economic Resources
Means through which goods and services are produced.
Needs
Things that are required in order to live
Scarcity
Not having enough resources to satisfy every want or need
Supply
Quantity of a good or service that businesses are willing and able to provide
Consumer
Person who buys and uses goods and services
Command Economy
System in which resources are owned and controlled by the government
goods
things that you can see and touch
Capitalism
Private ownership of resources by individuals rather than by the government
Mixed Economy
System that combines elements of the command and market economies. Sometimes
referred to as socialism
Demand
Quantity of a good or service that consumers are willing and able to buy.
Market Price
Point where supply and demand are equal. Sometimes referred to as the equilibrium
price.
Wants
Things that add comfort and pleasure to your life
Tradeoff
Giving up something to have something else
Opportunity Cost
Value of the alternative that you did not choose
Market Economy
System by which the resources are owned and controlled by the people of the country.
