Introduction to Business and Economics

A product is anything that can be bought or sold.

• True

• False

The US economy is a command economy.

• True

• False

All activities involved in developing and exchanging products are called _________.

• economy

• standards of living

• business

• economics

The four functions of business are production, finance, marketing, and _________.

• utility

• economics

• supply and demand

• mangement

What is the basic economic problem?

• Making choices about using limited resources to satisfy unlimited wants.

• Creating stability in the stock market.

• Being a competitive business in the marketplace.

• Making productive available at that are convenient for customers.