Bus. Mang. Sem 1 Final

Economics is the study of how people satisfy unlimited and competing wants and needs through the careful use of limited resources.

• True

• False

How often do people make decisions about using resources?

• Every day

• Once in a while

Which is a need?

• Car

• Food

• Desk

Which is an example of a public want?

• Library

• Water

• Mall

What do wants and needs determine?

• What you sell

• What businesses sell

Which is not a service?

• Education

• Pro sports

• Office furniture

To make the best use of limited resources, satisfy:

• Needs first, then wants

• Wants first, then needs

What does competition cause for the consumer?

• Higher costs

• Lower costs

Business activities should be supported by:

• Profits

• Competition

• Market research

Businesses affect consumers by:

• Providing jobs

• Deciding what to sell

• All of the above