Economic Basics
Things that are required in order to live are known as…
What are needs?
The final step in the decision-making process is to select the best choice from among the…
What are alternatives
Although all nations differ in the type and amount of economic resources they have, they all have the…
What is the basic economic problem
The rivalry among businesses to sell their goods and services is known as…
What is competition
What are wants
Goods and services are purchased by businesses as well as by…
Who are individuals?
Jonah had $25 to spend. He decided to buy a new shirt instead of going to the amusement park with his friends. What is this an example of?
What is opportunity cost
Communism refers to the private ownership of resources by individuals rather than by the…
What is government
Generally, as the price of a product increases…
What is the quantity demanded decreases
Activities provided for the satisfaction of others and consumed at the time of purchase are…
What are services
Buildings, equipment, and supplies are examples of…
What are capital resources?
What is the first step in the decision-making process?
What is identifying the problem
Capitalism refers to the private ownership of resources by individuals rather than by the...
What is government.
Which of the following scenarios will probably cause prices to drop
What is an increase in supply
A(n) is the risk taker who uses resources in a new way to create a new product or service.
What is an entrepreneur
All economic resources have a…
What is the final step of the decision-making process?
What is reviewing the decision
The government of Erewhon owns and controls all economic resources and decides how those resources will be used. This is an example of a…
What is a command economy
Which of the following is probably a competitor to Mary’s CD Shop
What is another music store
A nation’s plan for answering the three economic questions is called its…
What is economic system
The basic economic problem results from not having enough resources to satisfy every…
What is need?
When you make an economic choice, the value of the next-best alternative that you did not choose is called…
What is opportunity cost
Which type of economy is usually centered mainly on meeting people’s basic needs?
What is a traditional economy
The price is the point at which supply and demand are…
What is equal
Personal economic freedom is most limited in a(n) economic system.
What is a command economy