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Business Economics
Business Economics
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Business Economics for Teen Entrepreneurs
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Costs that do not change. Ex: Rent, capital, machinery
Variable Costs
Fixed Costs
Marginal Costs
Total Costs
2
Wants are classified as optional; needs are classified as necessary.
True
False
3
Disadvantage of producing one additional unit.
Marginal Costs
Fixed Costs
Marginal Benefits
Variable Costs
4
A resource such as equipment or machinery that makes it possible to produce goods and services.
Natural Resources
Human Resources
Capital Resources
5
Which is an example of a Capital Resource?
A Computer Programmer
A Silicon Chip
A Computer Lab
Bill Gates
6
In the law of supply and demand what happens when the supply is too high?
Prices would go down indicating a surplus
Prices will go up since more people will demand it
Prices will stay the same
Prices will go down since people will rush out to buy
7
Costs that change based on business sales. Ex: labor, product supplies
Total Costs
Marginal Costs
Fixed Costs
Variable Costs
8
To keep prices where a company can make profit, supply and demand curves should be at
Equilateral
Equidistant
Equinox
Equilibrium
9
Which is an example of a Natural Resource?
A Barista
An Expresso Machine
Coffee Beans
A Starbucks Location
10
Only poor countries experience scarcity.
False
True
11
What is this curve?
Equilibrium Price & Quantity
Supply Curve
Demand Curve
Law of Supply & Demand
12
When the price goes up, quantity supplied goes up.
Law of Demand
Equilibrium Price
Supply & Demand
Law of Supply
