Principles of Business chapter 1

Front

Your needs and wants never end.

Back

True

Front

Products and money used in the production of goods and services are called natural resources. True or False?

Back

False

Front

The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.

Back

True

Front

The first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.

Back

True

Front

The right of private property means you can own, use, or dispose of things of value.

Back

True

Front

If many consumers want a particular service, its price will probably go up.

Back

True

Front

All of the following are examples of needs EXCEPT: a good education, food, water, jewelry

Back

jewelry

Front

All of the following is a capital resource EXCEPT: a truck, a factory, lumber, oil

Back

oil

Front

The value of the next-best alternative that you did not choose is called

Back

opportunity cost

Front

When a country decides to focus on advanced technology and a skilled labor force, it is primarily answering which of the basic economic questions?

Back

How to produce?