Unit 2 (2.01 & 2.02)

BONUS: What type of economic system is used in the United States?

Consumers are typically most willing to pay more for goods and services that bring them greater

Natural resources, human resources, and capital goods are often referred to as factors of consumption.

Friendship would be considered a(n) __________ want.

In economics, capital goods include

Into what two categories can wants be divided?

A producer is someone who

Marcy is ready to buy a new computer, & she has saved up enough money to buy the model she wants. This is an example of

If a good or service is scarce, consumers will usually be

Cash register tapes and shipping forms used by a business would be classified as industrial

A characteristic of human wants is that they are

Which of the following is an example of an economic want:

Businesses can show their social responsibility by contributing to

The point where the supply curve and demand curve meet is called the

One reason why the supply of certain products has been eliminated is because of

Two factors involved in determining the value of a resource, good, or service are

Eggs and sugar that are purchased to make baked goods are classified as

You purchased a laptop to use for homework assignments. In economic terms the computer would be classified as a(n)

When a stove is used in a restaurant kitchen, it is a

Which of the following is a characteristic of economic services:

The study of how to meet unlimited, competing wants with limited resources is

Resources that enable businesses to operate are also known as

Wholesale trade businesses operate from a variety of business premises.

A candy bar would best be classified as a(n) __________ product

The grocery store is considered a

# of a good or service that producers are able & willing to offer for sale at a specified price in a period of time is

Bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?

A local neighborhood has many houses for sale at a low price, demand is low. What kind of market most likely exists

The factor that is most likely to affect demand for this product is the

Water and air are examples of __________ resources, while people are considered to be __________ resources.