Miscellaneous Quiz / INTRO TO BUSINESS 1-2 AND 1-3 REVIEW

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Can you name the INTRO TO BUSINESS 1-2 AND 1-3 REVIEW

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The mismatch of unlimited wants and needs and limited economic resources
An economic system in which private business operates in competition and largely free of state control
Not having enough resources to satisfy every need
Decisions among alternatives
When one gives up something to have something else, one has engaged in a...?
The process of choosing which needs and wants will be satisfied
The value of the next best alternative that you were not able to choose
The method a country uses to answer the three economic questions
Economy in which the government owns and controls the country's resources
Economy in which the resources of the country are controlled and owned by the people
HintAnswer
Economy in which goods and services are produced the way it has always been done
Economy in which the elements of command and market economies are combined
The money left from sales after all of the costs of operating a business have been paid
The private ownership of economic resources by individuals, rather than by the government.
Business or industry that is managed by independent companies or private individuals rather than by the state
Property that is owned by a company, corporation, or individual, giving the right to own, dispose, or use things of value.
The ability to make economic decisions independently and to subsequently accept the consequences of those decisions
The rivalry among businesses to sell their goods and services
Consumers buying products using their own money are casting what kind of vote for a product?

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