Intro to Business: Semester Exam Review

Which of the following is an economic need?

• a new TV
• water
• concert tickets
• a laoded SUV

People producing goods & services are called

• human resources
• natural resources
• capital resources
• limited resources

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

• wants
• capitalism
• scarcity
• needs

Every nation must decide

• what combination of resources will best suit its circumstances
• which wants & needs are most critical
• which goods & services to produce
• all of these

Another name for the economic system in the United States is

• private enterprise
• capitalism
• free enterprise
• all of the these

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

• competition
• entrepreneurship
• capitalism
• cornering the market

GDP does NOT include

• consumer spending for food
• the value of the work you do for yourself
• gov't spending to pay employees
• business spending for equipment

Dividing GDP by the total population of a country results in that country's

• GDP per capita
• gross GDP rate
• unemployment rate
• personal income per capita

Retail sales

• usually remain stable in times of economic growth
• indicate general consumer spending patterns in the economy
• include the sales of services bought by consumers
• all of these

___ occurs at the peak of the business cycle.

• recovery
• depression
• recession
• prosperity