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Business Ch. 1
Satisfying Needs/Wants, Economic Choices, Economic Systems, and Supply & Demand
| Question | Answer |
|---|---|
| goods = _____ | products |
| How do people satisfy their needs and wants? | By purchasing and consuming goods and services |
| _____ _____ are the means through which goods and services are produced | economic resources |
| what are the three types of economic resources? | Natural, human, capitol |
| give an example of each. | natural - water, trees human - labor capitol - money, land, building, tools, etc. |
| What is the basic economic problem? | unlimited wants and needs on limited resources |
| What is scarcity? | not having enough resources to satisfy every need. The basic economic problem results from scarcity. |
| What is a trade off? | when you decide to give up something in order to have something else |
| What is an opportunity cost? | the value of the next best alternative you don't choose; what you are willing to give up in order to have your first choice |
| What is the first step in the decision making process? | define the problem |
| What are the three economic questions? | What goods and services to produce? How to produce them? What needs and wants will be satisfied? |
| What are the four types of economic systems? | command, market, traditional, and mixed economy |
| Which economic system has the least amount of freedom? | command |
| Which type of economic system is our country? | market |
| What are the main differences among the three economic systems? | it's found in the ways in which the three economic questions are answered |
| What are the four principles of the U.S. economic system? | private property, freedom of choice, profit, and competition |
| What is private property? | you can own and use things as you please as long as it's within the law |
| What keeps prices higher/lower? | competition |
| In a ____ economy, consumers set ______ and producers establish _______. | market/demand /supply |
| Whats intangible and tangible? | services and goods |
| How is the market price for a product determined? | supply, demand, and competition determine the market price for a product or service |
| In a supply and demand graph, when the curves meet, this is called the___? | market price |
| How does the price of a product affect demand and supply? | As prices decrease, the number of consumers willing and able to purchase the product (demand) will increase |
| As prices increase business will___? | be willing to supply larger quantities of the product |
Created by:
bomintbo
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