Introduction to Business Chapter 1

Flashcard
•
Business
•
9th - 12th Grade
•
Hard
Wayground Content
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17 questions
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1.
FLASHCARD QUESTION
Front
Products and money used in the production of goods and services are called Natural Resources
Back
False
2.
FLASHCARD QUESTION
Front
The mismatch of unlimited wants and needs and limited economic resources is THE BASIC ECONOMIC PROBLEM
Back
True
3.
FLASHCARD QUESTION
Front
The right of private property means you can own, use, or dispose of things of value
Back
True
4.
FLASHCARD QUESTION
Front
If many consumers want a particular service, its price will probably go up.
Back
True
5.
FLASHCARD QUESTION
Front
_______ include tools and equipment used to produce goods and services
Back
Capital Resources
6.
FLASHCARD QUESTION
Front
When there are many competitors in a market, individual businesses are not able to easily raise their prices.
Back
True
7.
FLASHCARD QUESTION
Front
Economic decision-making is the process of deciding ________.
Back
Which wants and needs will be satisfied
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