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Chapter One: Economic Basics Flashcards | StudBud
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Chapter One: Economic Basics
Chapter One: Economic Basics
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#grade9business #economicbasics
Flashcards
40 cards
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Questions
40
Answers
1
What kind of economic resource is an accountant?
Human Resource
Natural Resource
Capital Resource
2
An important distinction between needs and wants is _________.
wants are usually never ending
people should buy needs before wants
all of the above
unlike wants, all people have the same basic needs
3
The factor of changes in people's likes over time leading to increases/decreases in demand is?
changes expectations for the future
changes in population
changes in consumer income
changes in consumer tastes
4
a NEED is something necessary for life
True
False
5
Shelter, basic clothing, and food are examples of what?
services
needs
wants
6
Interdependence means that ___________________.
businesses rely on consumers to buy their products
our society relies on the goods and services of businesses
businesses rely on other businesses to create their products
all of the above
7
Which does not belong:
Consumer Influence on Purchasing
Consumer Influence on Price
Consumer Influence on Product
Consumer Influence on Service
8
Inventory is:
when companies and consumers rely on each other
goods and services kept on hand
amount of money at each step of production
the value of a product or service expressed in dollars and cents
9
Competition keeps prices
high
?
True
False
10
Unemployment leads to an increase in demand?
False
True
11
Which is an example of a partnership?
Costco
Ben and Jerrys
McDonalds
Walmart
12
A business with 1-4 employees:
small business
no business at all
medium business
micro-enterprise
13
Name an obsolete product:
USB keys
fidget spinners
watches
flip-phones
14
Expenses are the amount of money required at each step of production?
False
True
15
True/False. Economic resources, or factors of production, are basic parts for creating products.
True
False
16
To be successful, a for-profit business must earn profit while keeping ______________.
expenses up and costs down
both expenses and costs up
expenses down and costs up
both expenses and costs down
17
How can a business respond to customer feedback?
promote current trends
Ignore it
Put items on sale
18
Which of the following is
not
a characteristic of an entrepreneur?
Lazy
Risk Taking
Hard Working
Energetic
19
Competition between businesses is good for consumers?
True
False
20
Which is
NOT
an example of a product that is obselete?
VCRs
floppy disks
typewriters
automatic washing machines
21
The last step in the decision making model is which of the following?
evaluate the alternatives
identify the alternatives
make a decision + take action
evaluate the decision
22
Competition in business has given the power to the consumer?
False
True
23
Which of the following is an example of a natural resource:
gold
tools
trucks
plastic
24
When demand is high and supply is low, prices will usually be ________.
low
average
high
25
Which of the following is a form of business ownership?
Sole Proprietorship
Corporation
Co-Operative
Partnership
26
The business that makes goods and provides services is called:
producers
consumers
marketers
customers
27
How is profit calculated?
Taxes + Expenses = Profit
Expenses - Profit = Revenue
Revenue - Expenses = Profit
28
The amount of money required at each stage of production is known as:
income
expenses
costs
profit
29
Before the 1950s, ________________ used to dictate what was produced.
none of the above
producers
the marketplace
consumers
30
The main reason why consumers had more influence on products after the 1950s was due to ______.
none of the above
consumers had more money to spend
competition
technology
31
It is important to know that the consumer is always right...
True
False
32
Which form of business ownership is owned by its shareholders?
corporation
franchise
partnership
sole proprietorship
33
An "artificial person" created by law and owned by shareholders
Partnership
Franchise
Corporation
Co-Operative
34
A small or medium-sized business (SMB) is defined as any business that employs fewer than ____.
100 people
50 people
500 people
2 people`
35
With increases competition, consumers can influence ______.
customer service
all of the above
the types of products produced
price
36
The Compass Food Bank is an example of a(n)
corportation
partnership
franchise
non-profit organization
37
The quantity of a good/service that consumers are willing/able to buy at a certain price is __?
price
law of demand
law of supply
none of the above
38
Self-confidence, innovation, and independence are three common traits of what type of person?
an unemployed person
none of the above
an entrepreneur
lower level employee
39
Money is an example of a:
capital resource
natural resource
human resource
40
Which company only exists online?
Mables Labels
Amazon
Thymes
Mountain Equipment Co-op
