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Intro Business Ch. 1

Chapter 1 Study Guide

QuestionAnswer
Needs Are Essential
Wants Add to the quality of life
Services Are activities provided for the satisfaction of others that are consumed at the same time they are purchased.
Economic Resources (aka Factors of Production) Things used to produce goods & services.
Types of Resources: Natural; Human & Capital
Are resources limited? yes.
Scarcity Not having enough resources to satisfy every need.
Economic Decision Making Process of choosing which needs and wants will be satisfied.
Trade-Off When you give something up to have something else.
Opportunity Cost Value of the next best alternative that you were not able to choose
One of Six steps in the Decision Making Process Define Problem
Two of Six steps in the Decision Making Process Identify Choices
Three of Six steps in the Decision Making Process Evaluate Advantages and disadvantages of each choice
Four of Six steps in the Decision Making Process Choose one
Five of Six steps in the Decision Making Process Act on Choice
Six of Six steps in the Decision Making Process Review Decision
Acronym for Decision Making Process DIECAR
Economic ?'s each country must answer What to & How to produce; What needs & wants to satisfy.
Owned & controlled by the Government. Command Economy
Marketplace is anywhere each person chooses what to buy and what to produce Market Economy
The way it has always been. Traditional Economy
Command & Market ecomonies Mixed Economy
1 of Four Principles US econ System is based upon? Private Property
2 of Four Principles US econ System is based upon? Freedom of Choice
3 of Four Principles US econ System is based upon? Profit
4 of Four Principles US econ System is based upon? Competition
Acronym 4 Principles of US econ system PFPC
What Factors Influence supply & increase price? drought/weather; no competition/unique product
Market Price point where supply & demand are equal
Consumer Person who buys goods & services
Producers Individuals & organizations that determine what products & service will be available for sale
Supply Quantity of goods/services that businesses are willing and able to provide
Demand The quantity of a good or service that consumers are able & willing to buy.
Created by: smithcarla
 

 



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