Introduction to Business Chapter 1

Front

Products and money used in the production of goods and services are called Natural Resources

Back

False

Front

The mismatch of unlimited wants and needs and limited economic resources is THE BASIC ECONOMIC PROBLEM

Back

True

Front

The right of private property means you can own, use, or dispose of things of value

Back

True

Front

If many consumers want a particular service, its price will probably go up.

Back

True

Front

_______ include tools and equipment used to produce goods and services

Back

Capital Resources

Front

When there are many competitors in a market, individual businesses are not able to easily raise their prices.

Back

True

Front

Economic decision-making is the process of deciding ________.

Back

Which wants and needs will be satisfied

Front

The first step in the decision-making process is to _______

Back

Define the problem

Front

The basic economic problem results from scarcity.

Back

True

Front

Each of the following is one of the three economic questions that must be answered by all nations except: What goods and services will be produced? How will the goods and services be produced? What needs and wants will be satisfied with the goods and services produced?

Back

Who will receive the profits earned when goods and services are produced?