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Chapter 1 Study Guide

by: Winston

Chapter 1 Study Guide BA 4300

BA 4300
Donald Helios

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About this Document

Hope I helped :)
BA 4300
Donald Helios
Study Guide
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This page Study Guide was uploaded by Winston on Thursday March 10, 2016. The Study Guide belongs to BA 4300 at Washington State University taught by Donald Helios in Spring 2016. Since its upload, it has received 38 views. For similar materials see BA 4300 in Business Administration at Washington State University.

Similar to BA 4300 at WSU

Popular in Business Administration


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Date Created: 03/10/16
A compact disc player is an example of a need False Tangible products you can purchase to meet your wants and needs are called goods True When you decide to buy a jacket of a concert ticket you are making a trade off True Capitalism is another name for a traditional economic system False Competition forces business to search for new way to satisfy customers wants and needs True The market price for a product is the point where demand exceeds supply equal False Economists predict future changes in the economy True China is the largest producer of goods and services in the world False Resources are owned and controlled by the people of the country Market economy The government decided what and how goods are produced Controlled economy Workers often use hand tools and readily available natural resources Traditional economy As countries become more developed they often adopt this economic system Mixed economy Consumer base their decisions on their own selfinterest Market economy DIECAR Define the problem Identify the choice Evaluate the advantage and disadvantages of each choice Choose one Act on your choice Review your decision Private property Private ownership of the consumer a person who buys and uses goods and services competition rivalry among businesses to sell their goods and services market economy resources are owned and controlled by individuals by the people of the country capitalism you can own use or dispose of things of value as long as it dose as it dose not violate the law mixed economy combines element of the command and market economies freedom of the choice you can make decisions independently and must accept the consequences for those decisions command economy resources are owned and controlled by the government traditional economy goods and services are produced the way it has always been done used in countries that are not yet participating in the global economy profit money left from sales after all costs of operating a business have been paid producers individuals and organisations that determine what product and services will be available for sale demand Quantity of a good or services that consumers are willing and able to purchase supply Quantity of a goods or services that businesses are willing and able to provide market price the point where supply and demand are equal economic system type of system based on how much the government involved in the marketplace needs things that are required in order to live wants things that you can use and see and touch


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