Intro to Biz Unit One Flashcards
an example of a public want is a family wanting a new car
false
unlike goods, services are performed for free
false
resources are items used to make and provide goods and services
true
competition among businesses hurts the consumer
false
most people have unlimited wants for goods and services
true
resources are the things necessary for making only what people need
false
every type of business needs labor resources to produce goods and provide services
true
entrepreneurial resources are different from labor resources
true
every society has enough productive resources to produce everything people want and need
true
two basic types of economic systems are a market economy and a demand economy
false
the United States has experienced two major economic shifts, starting with an agricultural economy ending with an industrial economy
false
though the United States has a very high GDP compared to some countries, it has a low standard of living
false
an important measure of economic strength is the rate of inflation
true
the U.S. economy is shaped by a mix of public and private forces
true
economies go through ups and downs
true
