Intro to Business and Economics

A product is anything that can be bought or sold.

• True
• False

The US economy is a command economy.

• true
• false

All activities involved in developing and exchanging products are called?

• economy
• standard of living
• business
• economics

The four functions of business are production, finance, marketing, and ?

• utility
• economics
• supply and demand
• management

What is the basic economic problem?

• making choices about using limited resources to satisfy unlimited wants
• creating stability in the stock market
• being a competitive business in the marketplace
• making products available at places that are convenient for customers

What is an economy in which economic decisions are based on a society's values, culture and customs?

• command economy
• market economy
• mixed economy
• traditional economy

What is an economy in which the government makes all the economic decisions for its citizens?

• command economy
• market economy
• mixed economy
• traditional economy

What is an economy in which individuals are free to make their own economic decisions?

• command economy
• market economy
• mixed economy
• traditional economy

What is an economy in which both the government and individuals make decisions about economic resources.

• command economy
• market economy
• mixed economy
• traditional economy

What is an action or task that is performed, usually for a fee?

• need
• good
• service
• want