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QR Challenge: Business Foundations Unit One

QuestionAnswer
Which is the current emphasis in the U.S. economyinformation
Which is NOT an indicator of a country's economic health?environmental awareness
Which is NOT considered an indicator of a higher standard of living?decreasing availability of goods
What should happen to unemployment if the economy is picking up?It decreases.
Which is NOT a cause of deflation?increased supply of goods in excess of demand
What is the main source of income for governments?taxes
Which term applies when a government makes more money than it spends in a year?budget surplus
Which would NOT characterize a depression?decreased capacity in manufacturing plants
Which would NOT help during a period of recovery?renewed recession
Which is true of a recession?businesses produce less
What is scarcity?a shortage of resources
Which is NOT a factor of production?the marketplace
Which statement about natural resources is true?Agricultural products are renewable because new crops can be grown each season.
Which statement about natural resources is NOT true? The amount of natural resources available to a society has little effect on its economy.
Which means the same as human resources?labor resources
Which is an example of a capital resource?a machine used to make molded plastic toys
Which refers to how people satisfy their needs and wants by making choices?economics
What are two basic types of economic systems?market economy and command economy
Which is a characteristic of capitalism?Resources are privately owned.
Which is true about people working in a market economy who have labor skills that are in demand?Their incomes tend to be higher than others whose skills are not in demand.
What drives the economy?wants and needs
Which is NOT true of public wants?They are often considered private.
Which is a name for items people can use to make or obtain what they need or want? resources
Which is true of resources?Resources are limited.
What should you do before making a decision?Determine the pros and cons of alternatives.
Which question would best help you evaluate a decision after you put it into effect?Would I make the same choice again?
What is a commercial activity that seeks profit by providing goods in exchange for money?a business
What is competition?a contest to win customers
evaluate demand
What might a business do if its products don't meet consumer's needs?modify its products to satisfy consumers

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