Intro to Business Quiz 1 UPDATED Actual
Exam Questions and CORRECT Answers
Needs - CORRECT ANSWER✔✔- things that are required in order to live
Wants - CORRECT ANSWER✔✔- things that add comfort and pleasure to your life
True or False: Are needs and wants unlimited? - CORRECT ANSWER✔✔- true
Goods - CORRECT ANSWER✔✔- things that you can see and touch. These are products
you can purchase to meet your wants and needs
Services - CORRECT ANSWER✔✔- activites that are consumed at the same time they are
produced. These are intangiable and have no physical characteristics.
Economic resources - CORRECT ANSWER✔✔- the means through which goods and
services are produced. these are also known as the factors of production
What are the three kind of economic resources - CORRECT ANSWER✔✔- natrual, capital,
and human resources
Natural resources - CORRECT ANSWER✔✔- raw materials supplied by nature.
Human Resources - CORRECT ANSWER✔✔- people who produce goods and services are
known as____.
entrepreneur - CORRECT ANSWER✔✔- the risk take who uses resources in an entirely new
way to create a new product or service
What is the difference between cost and price - CORRECT ANSWER✔✔- Price the dollar
amount that the consumer pays after the retail mark up, while cost is the dollar amount that
goes into creating that good.
, Capital Resources - CORRECT ANSWER✔✔- the prodcuts and money used in the
prodcution of goods and services are ______.
What is the Basic economic problem? - CORRECT ANSWER✔✔- the mismatch of
unlimited wants and needs and limited economic resources. The occurs because of the
problem of scarcity.
scarcity - CORRECT ANSWER✔✔- not having enough resources to satisfy every need
Economic decision making - CORRECT ANSWER✔✔- the process of choosing which
wants, among severl options, will be satisfied
Tradeoffs - CORRECT ANSWER✔✔- when you give up something to have something else,
you are making a ____.
oppotunity cost - CORRECT ANSWER✔✔- the value of the next best alternatvie that you
did not choose.
what are the six steps of the decision making process - CORRECT ANSWER✔✔- 1.Define
the problem
2. Identify the choices
3. Evaluate the advantages and disadvantages of each choice
4.choose one
5. act on your choice
6. Review your decision
What are the three economic questions - CORRECT ANSWER✔✔- What goods and service
will be produced?
How will the goods and services be produced?
What needs and wants will be satisfied with the goods and service produced?
Exam Questions and CORRECT Answers
Needs - CORRECT ANSWER✔✔- things that are required in order to live
Wants - CORRECT ANSWER✔✔- things that add comfort and pleasure to your life
True or False: Are needs and wants unlimited? - CORRECT ANSWER✔✔- true
Goods - CORRECT ANSWER✔✔- things that you can see and touch. These are products
you can purchase to meet your wants and needs
Services - CORRECT ANSWER✔✔- activites that are consumed at the same time they are
produced. These are intangiable and have no physical characteristics.
Economic resources - CORRECT ANSWER✔✔- the means through which goods and
services are produced. these are also known as the factors of production
What are the three kind of economic resources - CORRECT ANSWER✔✔- natrual, capital,
and human resources
Natural resources - CORRECT ANSWER✔✔- raw materials supplied by nature.
Human Resources - CORRECT ANSWER✔✔- people who produce goods and services are
known as____.
entrepreneur - CORRECT ANSWER✔✔- the risk take who uses resources in an entirely new
way to create a new product or service
What is the difference between cost and price - CORRECT ANSWER✔✔- Price the dollar
amount that the consumer pays after the retail mark up, while cost is the dollar amount that
goes into creating that good.
, Capital Resources - CORRECT ANSWER✔✔- the prodcuts and money used in the
prodcution of goods and services are ______.
What is the Basic economic problem? - CORRECT ANSWER✔✔- the mismatch of
unlimited wants and needs and limited economic resources. The occurs because of the
problem of scarcity.
scarcity - CORRECT ANSWER✔✔- not having enough resources to satisfy every need
Economic decision making - CORRECT ANSWER✔✔- the process of choosing which
wants, among severl options, will be satisfied
Tradeoffs - CORRECT ANSWER✔✔- when you give up something to have something else,
you are making a ____.
oppotunity cost - CORRECT ANSWER✔✔- the value of the next best alternatvie that you
did not choose.
what are the six steps of the decision making process - CORRECT ANSWER✔✔- 1.Define
the problem
2. Identify the choices
3. Evaluate the advantages and disadvantages of each choice
4.choose one
5. act on your choice
6. Review your decision
What are the three economic questions - CORRECT ANSWER✔✔- What goods and service
will be produced?
How will the goods and services be produced?
What needs and wants will be satisfied with the goods and service produced?
