Business Seminar 1

What is an example of a NEED?

• A bottle of Dasani water

• water

• Chick fil A

• NIKE shoes

A characteristic of a traditional economy is...

• government dictates prices

• hunting and gathering

• competition

What country is an example of MIXED economy?

• Africa

• United States

• Soviet Union

What is an example of LAND resource?

• trees

• trucks

• buildings

What is an example of a GOOD?

• a barber

• a doctor

• a toy

What country would best describe a COMMAND economy?

• United States

• Africa

• North Korea

What is an example of a WANT?

• water

• food

• fast food

What is an example of a labor resource?

• cattle

• people

• spaceships

What happens to the price of a product if the demand is high and the supply is low?

• Price goes up

• Price goes down

What is an example of a service?

• fast food

• a haircut

• water