Ch 01 Economic Decisions and Systems

Front

Things that are required in order to live are known as wants.

Back

False

Front

Goods and services are purchased by businesses as well as by individuals.

Back

True

Front

Are buildings, equipment, and supplies examples of natural resources?

Back

False

Front

Do all economic resources have a limited supply?

Back

True

Front

The basic economic problem results from not having enough resources to satisfy every need.

Back

True

Front

What is the final step in the decision-making process?

Back

Evaluate the decision and its consequences.

Front

Do all nations have the same economic needs despite differences in economic resources?

Back

False

Front

Communism, as practiced in the former Soviet Union, refers to the private ownership of resources by individuals rather than by the government.

Back

False

Front

A person who buys and uses goods and services is called a consumer.

Back

True

Front

Generally, a lack of competition will result in lower prices for goods and services.

Back

False