Principles of Business, Marketing & Finance -End of UNIT 1 Test-pr

In economics, people are said to have unlimited

• Needs
• Wants
• Capital
• Influence

Not having enough resources to satisfy every need is

• cutback
• scarcity
• choice
• competitive advantage

First step in the decision making process

• Define the problem
• Choose best alternative
• Identify the choices
• Evaluate Advantages

Type of economic system is which government decides what to produce

• Market-based
• Traditional
• Mixed
• Command

In this economy, consumers make decisions based on self-interest

• Command
• Market
• Mixed
• Traditional

Eminent domain happens when government

• The right of government to take private property

• bargains with labor

• Supreme Court rules

• re appropriates public land for private use

This country does not have a mixed economy

• North Korea

• South Korea

• Sweden

• Hong Kong

3 Economic Resources are

• Natural, human, technical
• Natural, human, capital
• Natural, human, environmental
• Natural, human, coinage

Not a capital resource

• supplies

• buildings

• equipment

• petrol or gasoline

Stock is

• A small income
• A small wage
• Part of a company
• Part of a business plan