Economics Unit 2 Review

_______ is the willingness to buy a good or service and the ability to pay for it.

An LLC is the form of business organization that usually involves the most complex decision-making processes?

A business that is owned and operated by a single individual.

Which Entrepreneur is known for McDonald's?

Economics is the study of how people choose to use scarce resources to satisfy their wants.

How does increased productivity affect the standard of living?

_____ is the willingness and ability of producers to offer goods and services for sale.

What is the correlation of supply and demand?

The use of one good increases the use of another

T or F: Elasticity of supply does not measures the responsiveness of quantity supplied to changes in price.

What is the difference between price floors vs price ceilings?

T or F: Monopoly - The Market or an industry dominated by just a few firms that produce similar or identical products.

What does it mean when businesses compete to offer the best deals to attract customers?

Select a factor that affects supply.