Economic Concepts - Basics of Economics Parts 1 -2

Which of the following constitutes economic production rising then falling in a long cycle of expansion and contraction?

A utility that enhances value by creating more useful or desirable products out of raw materials or separate parts?

Which of the following are materials used in producing goods or providing services?

Advertising which informs consumers about a new product is an example of which of the following?

An economic system where businesses are privately owned & reinvestment of of profits gained in free market?

The rule which states at some point adding more factors to a production process will not improve returns?

Which of the following is the amount charged as a percentage of the initial loan borrowed from a lender?

Which of the following can be defined as the taxes placed on imports?

If companies are understaffed cause a hostile work environment & increase the time of production.

Which of the following shows an economic decline when high and an economic expansion when low?

Economic Success can NOT be measured in the following ways?

An economic system there is increased government involvement, keep prices low & provide jobs for everyone is

Unprofitable firms negatively affect the economy by increasing the job market and increasing salaries and benefits.

The amount of product available to the market is known as which of the following?

Which phase in the business cycle is defined as the period of lowest economic activity?

Which of the following is defined as two or more consecutive fiscal quarters of decreasing GDP?

The theories, principles and models which deal with production, distribution and consumption of goods and services

Enhances value by having a product or service available to consumers during a certain time of day, month or year?

Which of the following is NOT one of the basic economic questions listed in the presentation?

Which of the following countries is NOT a member of the EU?