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Problem Solving and Market Economies

Quiz by Shanice Jackson

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20 questions
Show answers
  • Q1
    A formal model that helps business people solve problems in a logical manner
    The Problem Solving Process
    Gathering information
    Identify various solutions
    Evaluating alternatives
    60s
  • Q2
    What are the 6 steps to the problem solving model?
    Define the Problem, Gather info, Identify Various Solutions, Evaluate alternatives and select the best option, take action, evaluate the action
    60s
  • Q3
    What diagnosing a problem, it is helpful to?
    Write down the problem and why its a problem
    60s
  • Q4
    When gathering information, relevant information can be obtained from which source?
    All of them
    Suppliers
    Customers
    Company records and data
    60s
  • Q5
    Though most problems can be solved several ways, what do you need to do before deciding on the best solution?
    Identify all the possibilities
    Define the problem
    Gather info
    Take Action
    60s
  • Q6
    Evaluating alternatives and selecting the best option, requires you to look at the:
    Costs and benefits
    60s
  • Q7
    Why are the last 2 steps in the problem solving process important?
    A plan without action, is pointless
    60s
  • Q8
    What is brainstorming?
    Creative group problem solving technique that generates a large number of fresh ideas.
    60s
  • Q9
    During brainstorming, who writes down all the ideas?
    First person with a pen and paper
    The storyteller
    Whoever
    The moderator
    60s
  • Q10
    What is Consensus-Based Decision making?
    An agreement among a group of people.
    60s
  • Q11
    When does scarcity occur?
    When needs and wants are unlimited and the resources to meets those needs and wants are not unlimited.
    60s
  • Q12
    What makes economies different from one another?
    Different allocation processes.
    60s
  • Q13
    Who controls a command economy?
    Producers
    Suppliers
    Consumers
    The government
    60s
  • Q14
    What are market economies about?
    Government control
    Personal choice
    Producers
    Supply and demand
    60s
  • Q15
    What must happen in order for productivity to increase?
    Create a new product or upgrade the current one
    60s

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