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Why is a knowledge of basic economic principles important for businesses?
It will help them lose more profit
It can help them make better decisions about meeting consumer needs.
It will prevent them from needing the services of a financial advisor
It can guarantee business success
Which of the following is the best example of a business's economic decision?
hiring part-time employees to save on costs
Endorsing an independent candidate in state elections
updating directions to your office on the company website
Following up with a customer after she exchanged an item
Which of the following is not a factor of production?
In most businesses, what is the most costly factor of production?
What is the role of the entrepreneur in the modern economy?
To preserve natural resources
To create jobs
To generate wealth
to take big risks
If a customer shops at your store because it is on his way home from work, which utility is involved
Which condition is a result of open competition in a free market system?
higher quality goods
poor customer service
What is the term that describes when the amount of goods produced is about the same as the number of consumers who are willing to buy the product?
What is the principle that producers are entitled to make more money from a business than they invest
risk and reward