Princ BMF (Cengage Chapter 1 Terms)

Princ BMF (Cengage Chapter 1 Terms)

9th - 12th Grade

22 Qs

quiz-placeholder

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Princ BMF (Cengage Chapter 1 Terms)

Princ BMF (Cengage Chapter 1 Terms)

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Alison Patterson

Used 17+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All the tools, equipment, and machinery used to produce goods or provide services.

want

need

systemmatic decision making

capitol

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When demand is higher than the available resources

want

supply and demand

need

scarcity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy is which individuals are free to make their own economic decisions, also known as free or market enterprise

market economy

command economy

factors of production

economic system

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Actions taken by two or more businesses attempting to attract the same customers.

competition

consumers

customers

capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy in which the government makes all of the decisions for its citizens

consumer

market

command

capitalism

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system where the economic resources are privately owned by individuals rather than the government.

profit

supply and demand

factors of production

Capitalism

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic principle that states the price of a product is determined by the relationship of the supply of the product and the demand for the product

Product

Systematic decision making

Law of Supply and Demand

Market

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