Intro to Business and Economics- DH

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

What is choice?

• The act of picking or deciding 
• The best option possible
• When something is very good
• When someone has no say in a matter

Which of the following is NOT a natural resource?

• Oil
• Water
• Car
• Air

Which of the following IS a capital resource?

• Wood
• Computer
• Labor
• Knowledge

My business makes tacos and maps. If I spend all my time making tacos, what is my opportunity cost? 

• Tacos
• Maps

A business with one owner

• Sole Proprietorship
• Partnership
• Corporation
• Monopoly

A business with 2 directly involved owners

• Sole proprietorship
• partnership
• corporation
• monopoly

A business with multiple owners that are not directly involved

• Sole proprietorship
• partnership
• corporation
• monopoly

When all aspects of the economy are determine by a central figure

• Command
• Market
• Mixed
• Traditional

Combines public and private businesses 

• Command
• Market
• Mixed
• Traditional