Chapter 2 Economics

This is the cost advantages obtained due to expansion.

Fulfilling this need gains a sense of accomplishment, such as earning a college degree.

In this economic system entrepreneurship thrives.

This occurs when people's needs and wants are unlimited but resources are limited.

In this economic system individuals may not always be able to obtain exactly what they want.

Which of the following is NOT considered a natural resource.

Which of the following is NOT one of the 3 basic questions all economic systems must answer?

Joining the school choir with your friend is an example of fulfilling what type of need?

When a change in price creates a change is demand, you have

The rent that you pay every month is considered to be a

The people who create goods and services are called:

Large number of independent businesses; goods are somewhat different; competitive market.

Demand is usually inelastic when

This measures the disadvantages of producing one additional unit of a good or service.

There is only one provider of a product or service; able to charge whatever price it wants

Which of the following is NOT a function of business.

In this economic system most of what is produced is consumed, and then sold or traded.

Dan can't concentrate in class because his stomach keeps growling, which need is unmet?

Beyond basic needs, not all people have the same needs.

These things add comfort and pleasure to your life.

Small number of businesses; sells similar goods that are close substitutes; not easy entry.

When buying a bicycle, which motive would satisfy a self-esteem need?

This type of market structure provides consumers with many choices of similar products