Resources are items used to makes and provide goods and services.

True or False? ​

An example of a public want is a family wanting a new car.

False

Unlike good, 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 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.

False

Two basic types of economic systems are a market economy and a command economy.

True

The quantity of goods that consumers are willing to buy at various prices is called request.

False

Economic systems are the methods societies use to distribute resources.

True

Another name for a market economy is a democratic system.

False

Capital goods describe the worth of all goods and services provided.

False

Economic systems are the methods societies use to distribute wealth

False

In a market economy, economic decisions are made by the market place.

True

The amount of money given or asked for when a service is bought or sold is called the value.

False

The United States has experienced two major economic shifts, starting with an agricultural economy and 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

Janet Yellen is currently is currently head of the Federal Reserve in the US.

True

Standards are moral principals by which people conduct themselves personally, socially, or professionally.

False

Different cultures, businesses, and industries have the same ethical standards for uniformity in international business commerce.

False

In some cultures, excessive gift giving in business is overlooked and considered ethical.

True

Most businesses follow their industry's code of ethics.

True

Business ethics focus on decisions considered good or bad, correct or incorrect

True

Knowing about business only benefits you as an employee, not a consumer.

False

A small business, as defined by the SBA, serves a limited geographic area and employs no more than 100 people.

False

A virtual business acts like a business, but is not a real business.

False

According to the American City Business Journals, small businesses that use the Internet have grown more than 45% faster than those that do not.

True

The main reason people become entrepreneurs is to have the opportunity to be creative.

False

Many successful entrepreneurs work in a related business before starting their own company.

True

Before you decide to start a particular business, you need to do market research to see if there is a demand for your product or service.

True

There are 10 essential parts of a business plan.

False

There are (3) main types of business organizations: sole proprietorship, partnerships, and corporations.

True

About half of all businesses in the US are sole proprietorships.

False

Income from a corporation is taxed twice.

True

A major disadvantage of owning a sole proprietorship is that the owner has limited liability.

False

An advantage of owning a partnership is that banks are more often more willing to lend money to partnerships than to sole proprietorships.

True

Partners, in a partnership bring different skills and talents to the business.

True

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