Unit 2 (2.01 & 2.02)

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

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

In economics, capital goods include

A producer is someone who

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

The grocery store is considered a

Businesses can show their social responsibility by contributing to

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

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

Which of the following is a characteristic of economic services:

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

Resources that enable businesses to operate are also known as

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

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

Into what two categories can wants be divided?

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

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

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

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

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

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

Wholesale trade businesses operate from a variety of business premises.

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

Friendship would be considered a(n) __________ want.

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

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

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

A characteristic of human wants is that they are

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