Unit 1 Intro to Business

What are "Wants" in economic terms?

• Basic necessities required for survival

• Desires for goods and services that enhance quality of life

• The process of selling goods to other countries

• Economic policies to protect domestic industries

What are "Needs"?

• Desires for luxury items

• Basic necessities required for survival

• The international exchange of goods

• The reliance of countries on each other

What does "Global Economy" refer to?

• The process of buying goods from other countries

• The international exchange of goods, services, and money

• Economic policies to protect domestic industries

• The value of the next best alternative

What is "Scarcity" in economic terms?

• The process of selling goods to other countries

• The reliance of countries on each other

• The fundamental economic problem of limited resources

• A sector of the financial market for short-term borrowing

What is "Opportunity Cost"?

• The value of the next best alternative given up

• The process of buying goods from other countries

• Economic policies to protect domestic industries

• The international exchange of goods

What does "Exported" mean?

• The process of buying goods from other countries

• The process of selling goods produced in one country to other countries

• The reliance of countries on each other

• Economic policies to protect domestic industries

What does "Imported" refer to?

• The process of selling goods to other countries

• The process of buying goods from other countries

• The value of the next best alternative

• The international exchange of goods

The reliance of countries or businesses on each other is

• Interdependence

• Independence

• Intersectional

• Independent

What is the "Monetary Market"?

• A sector of the financial market for short-term borrowing

• The process of buying goods from other countries

• The international exchange of goods

• Economic policies to protect domestic industries

What is "Protectionism"?

• The process of selling goods to other countries

• Economic policies to protect domestic industries

• The reliance of countries on each other

• The value of the next best alternative