What drives consumer purchases?

• Wants & Needs

• Fun & Travel

• advertising

• The Business Cycle

What's the first step in the decision making process?

• Make a decision

• Evaluate your decision

• Identify the situation

• Determine pros & cons

What's the last step of the decision making process?

• Make a decision

• Evaluate your decision

• Identify possible courses of action

• Determine pros & cons

What do companies thrive on?

• decision making

• the business cycle

• Consumers

• competition

What are Factors of Production?

• lack of resources

• only the natural resources used for products

• economic resources needed to produce a society's goods & services

• only the labor it takes to produce goods

What is Economics?

• study of price trends only

• study of resources

• study of human nature

• study of how individuals & groups satisfy needs and wants by making choices

What type of economy is the most common?

• market segmentation

• mixed economy

• command economy

• market economy or free enterprise

Which of these is NOT a measurement of economic activity?

• Recession

• GDP - Gross Domestic Product

• inflation

• standard of living

What type of business ownership is the most common in the United States?

• corporation

• partnership

• sole proprietorship

• limited liability

What form of business gathers raw materials, such as wheat or fish?

• Retailer

• Producer

• Manufacturer

• Wholesaler