What are things that are are essential for survival such as, shelter, food, and water known as?
Needs
100
What is the sixth step of the decision- making process?
something you must have to survive.
100
What is the basic economic problem?
The basic economic problem is the countries with few natural resources or people with limited education and low skilled may not be able to produce enough products and services for their citizen.
100
What are the opportunity costs associated with financial decisions?
You must make choices on how you spend your money.
100
Why do producers invest resources and take risks?
To make profit.
200
What are the things that add us comfort and pleasure in our lives called?
Wants
200
What is the first step to the decision- making process?
Define the problem
200
What does the decision- making process help you do?
The decision- making process helps you select the best and most satisfying alternative from among a set of choices.
200
What is the first economic question?
.
What goods and services will be produced?
200
Consumers decide what to buy, where to but, from whom to but, and ....?
what price they are willing to pay.
300
What is it called when there are limited amount of resources left and not enough to suit everyone's needs?
Scarcity
300
What is the fourth step to the decision- making process?
.
Choose one.
300
What is the second economic question?
How will the goods and services be produced?
300
The system does work and works well based on the principle of....?
demand and supply
400
A risk taker who uses resources in an entirely new way to create a new product or services?
Entrepeneur
400
What is the fifth step of the decision- making process?
What needs and wants will be satisfied with the goods and services produced?
400
The _______ for a product illustrates the relationship between the price of the product and the product and the quantity businesses will supply.
supply curve
500
What resource category do buildings, equipment, and supplies fall into?
Capital Resources
500
What is the second and third step of the decision- making process?
The second step is identify the choices and the third step of the decision- making process is to evaluate the advantages and disadvantages of each choice.
500
What does the decision- making process consist of?
Businesses and individuals use the process as they choose the best use the process as they chooses the best uses for their limited resources.
500
What are the eight stratigies you can apply to achieve your financial goals?
1. obtain
2. Plan
3. spend wisely
4. save
5. borrow wisely
6. invest
7. manage risk
8. plan for retirement
500
As the price decrease, the number of consumers willing and able to purchase the product will ________.