Intro to Business and Economics

All of the tools, equipment, and machinery used to produce goods and services

• Finance

• Market

• Capital

• Command

• Supply and Demand

Law that determines a price of a product.

• Finance

• Market

• Capital

• Command

• Supply and Demand

Money earned in exchange for work are ________.

• Place

• Wages

• Service

• Scarcity

Functions of business include all except:

• Marketing

• Capitalism

• Finance

• Production

The value of the next best option that is not selected is known as _______.

• opportunity cost

• sunk cost

• fixed cost

• variable cost

Important economic questions nations need to answer to address scarcity except.

• What should we produce?

• Who should we produce it for?

• What are the factors of production?

• How should we produce it?

An individual or group that buys products is called a(n) __________.

• customer

• supplier

• manufacturer

• retailer

Economic utilities include: (Select all that apply)

• Possession

• Form

• Product

• Time

_______ utility is added when ATMs are conveniently placed outside convenient stores, stadiums, theaters, etc.

• Place

• Time

• Form

• Possession

A customer's unwillingness to buy a product creates demand for it.

• True

• False