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AliZaidi Period3

9/10/2014 Business
Chapter1Questions

Unit1:EconomicDecisionsandSystems
Chapter1:
Section1:SatisfyingNeedsandWants
1.TrueorFalse.Itisnotalwayseasytodeterminetheproductsandservicesthatsatisfyneeds
andthosethatsatisfywants.
True
2.Whichofthefollowingwouldaneconomistmostlikelyclassifyasaneed?
A.gasolineforafloristsdeliverytruck
3.Anexampleofanaturalresourceis
A.Sunlight
4.Economics:Listthethreetypesofeconomicresources.Chooseaproductanddescribe
howeachtypeofeconomicresourceisneededandusedinitsproduction.
NaturalResource:Lumberprovidestherawmaterialsnecessarytobuildvariouscrafts
andproducts
HumanResource:Anemployee,likeacashier,isahumanresource
CapitalResource:Moneythatcanbefurtherinvestedinstockstoprovideadditional
incomeforacompany

Section2:SatisfyingNeedsandWants

1.TrueorFalse.Thebasiceconomicproblemisthatconsumershavetoomanyproductsandservices
tochoosefrom.
False
2.Thedecisionmakingprocessisbesttousewhen:
B.youarefacingadecisionwithseveralalternatives
3.Johnhastwohoursbeforehavingtogotohisparttimejob.Heisdecidingbetweenstudyingfora
mathexam,andtakinganap.IfJohnchoosestotakeanap,theopportunitycostofhisdecisionis:
B.Thescorehewillearnonthemathexam
4.Thefirststepinthedecisionmakingprocessinvolves:
A.Definingtheproblem
5.Writing:Writeaonepageessayaboutadecisionyoumaderecently.
DefiningtheProblem
MyproblemwasthatIhad4classestostudyfor,allwitheithermajorgradesorquizzes.With
thetimeIhad,Icouldonlystudyeffectivelyfortwoclasses.Thequestionandthepredicament
camewhichtwoclassesIwouldnotstudyfor.
EvaluatingtheChoices
ThefourclassesIhadtostudyforwereSpanishFourAP,WorldHistoryAP,AlgebraII,and
APPhysics.IcouldattempttostudyallfourinthetimeIhad,butthenIwoulddoincredibly
wellonanyofthem.Mychoicesweretostudyforonlyone,andthendoverywellonthat
class,studyforallanddohalfdecentonallofthemwakeupearlyandsleeplate,inorderto
studyallthematerialorchosetwoclassestoconcentrateonaboveallothers.

Evaluatedisadvantagesandadvantages
Themaindisadvantagethatwaspresentinalltheoptionswasthatoneofthegradeswouldbe
detrimented.Thequestionthenbecamewhichclasseswerethemostnecessarytostudyfor.
ThegreatestneedforahighergradewasinAlgebraIIandSpanishFourAP.Bothmygrades
APPhysicsandWorldHistoryAPwerestrongenoughtotakeahit,intermsofalower
grade.

Choosebestalternative
IendedupallocatingallmytimetostudyingforAlgebraIIandSpanishFourAP,sincethey
weretheclasseswiththegreatestneedfortimeandeffort.Therefore,Ispentallmytime
studyingforthoseclasses,asstatedabove.

Actonyourchoice
InordertoensureIdidnotstudyformyotherclasses,Isetasidemybindersandtextbooks
fortheotherclasses,andsetatimersothatIwouldspent2hoursstudyingforeachclass.

ReviewChoice
Intheend,Igothighgradesinallmyclasses,thatIneededtostudyfor.TheclassesIdidnot
studyfor,IknewthematerialwellenoughthatIdidnotflukethetestfortheclass.The
decisionallinallworkedout,forthelimitedtimeIhad.Though,inthefutureIprobablyshould
spaceoutthestudyingoverseveraldays,sothatIcanbelessstressedandbebetterprepared.

Section3:EconomicSystems
1.Whichofthefollowingaddressestheeconomicquestionofhowtoproduce?
C.Producingmorecapitalgoodsandfewerconsumerproducts.
2.Inwhichofthefollowingeconomicsystemsisthegovernmentsrolegreatest?
D.Command
3.Theprimaryreasonbusinessownersmakeinvestmentsandtakerisksinaprivateenterprise
economyisto?
A.Makeaprofit

Section4SupplyandDemand
1.TrueorFalse.Bothindividualsandorganizationscanbeproducers.
True
2.TrueorFalse.Supplyisthequantityofagoodorservicethataconsumeriswillingandabletobuyat
aparticularprice.
False
3.Ascompetitionincreases,prices
C.Usuallywilldecrease
4.Calculatethetotalvalueofsalesateachpossiblepriceforaproductwiththeconsumerdemand
showninthetable.

Price Quantity TotalValueofSales
$20.00 8500 $170,000.00
$22,50 7800 $175,500.00
$25.00 6200 $155,000.00
$27.00 5900 $162,250.00
$30.00 4300 $129,000.00