BBI2O Unit 1 Economic Basics

Question 1

As selling price increases businesses are willing to produce more. This is the law of...

Accepted Answer

Supply

Question 2

___ change in proportion to the amount of output produced, or amount sold.

Accepted Answer

Costs

Question 3

_____ is an example of a human resource.

Accepted Answer

A teacher

Question 4

As prices decrease consumers will purchase more. This is the law of...

Accepted Answer

Demand

Question 5

Which of the following is NOT one of the 4 factors that can increase or decrease demand?

Accepted Answer

Change in the costs of production

Question 6

If many people become unemployed

Accepted Answer

Demand will decrease

Question 7

Production costs, producer expectations of the future, and number of producers all can shift

Accepted Answer

Supply

Question 8

Which of the following is NOT a type of economic resource?

Accepted Answer

Ergonomic

Question 9

Profit =

Accepted Answer

Sales Revenue - Costs - Expenses

Question 10

Who does demand represent in an economy?

Accepted Answer

Consumers

Question 11

How would an increase in the number of coffee bean growers shift supply of coffee beans?

Accepted Answer

To the right

Question 12

When supply is high and demand is low prices will

Accepted Answer

Fall

Question 13

Who does supply represent in an economy?

Accepted Answer

Businesses

Question 14

______ is an example of a Natural Resource

Accepted Answer

Oil

Question 15

When supply is greater than demand there is a(n)...

Accepted Answer

Surplus

Question 16

Needs are ____ while wants are _____

Accepted Answer

limited, unlimited

Question 17

When demand is high, and supply is low what situation is probably occurring?

Accepted Answer

Shortage

Question 18

The Price at which market supply and demand balance each other is known as

Accepted Answer

Equilibrium

Question 19

Revenue is another word that can be used for ______

Accepted Answer

Sales

Question 20

When more is supplied than demanded at a Price, the result is a ________

Accepted Answer

surplus

Questions 20