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