EC-901
Into what two categories can wants be divided?
cconomic and noneconomic
The most common medium of exchange in modern economic systems is
money
The basic role of the United States government is to
protect U.S. citizens
When employees are working faster or better, they are increasing their
efficiency
What term refers to the habits and practices you regularly perform to take care of your body?
hygiene
Seeing a movie at a theater would be considered a(n) __________ want.
economic
What item is found in all economic systems
participants
One of the benefits of economic freedom is that it provides individuals with
the opportunity for success
To use resources wisely, business owners must reduce
waste
If you’re worried that something is inappropriate,
it probably is.
Water and air are examples of __________ resources, while people are considered to be __________ resources.
natural; human
Which type of economic system adopts the fewest new ideas and improvements
traditional
The economic basis for the private enterprise economic system is
the profit motive
Which activities are likely to increase a firm’s profit?
Increasing sales and decreasing expenses
Why is appropriate dress important to your success on the job?
It sends a positive message about your personality and values.
Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is
econimizing
A country that currently has a communist command economic system is
Individuals put limits on their own economic freedom by
making personal economic choices
Each purchase strengthens the economy by encouraging
Improving the way that you look usually benefits you personally because it
Raises your self-esteem
What is the best reason for studying economics
to prepare for effective decision-making and responsible citizenship.
In a socialist economic system, who tends to answer the question of how products will be produced
government and business
One of the factors that directly limits the economic freedom of individuals in a private enterprise system is government
taxation
What is a situation in which people are out of work and can’t afford “extra” purchases:
bad economy
What term refers to the physical image that you present to others based on how you look and what you wear
Personal appearance