Principles of Business, Marketing and Finance Exam 1 Review

Inflation is a sustained increase in the general level of prices.

What typ of economy does the U.S. have?

What is the first step in the decision making process?

A prolonged period of high unemployment, hardly any sales of G&S, and business failures

Water is an example of a HUMAN resource.

Change in PRICE is shown by a movement________ the demand curve

GDP stands for ___________ __________ ___________

The DEMAND curve is always upward sloping.

We do not always have the resources to meet our needs and wants. (scarcity)

Prosperity, recession, and depression are all parts of the ________ cycle

Which of the following is a want?

Price is the determinant for a change in QUANTITY DEMAND (movement ALONG the curve)

Competition is the healthiest thing for our economy.

What is the correct order of the business cycle?

________&_______ is a graphical model of price determination in the market place

_______ is what suppliers are willing and able to produce at a given price.

Change in ________________ is illustrated on the S&D graph by a SHIFT of the Demand curve

Branding, market size, trends and seasonality are all examples of NON-PRICE determinants.

Studies that show coffee is beneficial to your health will increase demand and __________price

If the demand for a product goes up, what will happen to price?

Which of the following are INELASTIC?

Natural Resources are....

What does G&S stand for

________ is the most accurate measure of any economic system or country

How many steps are in the decision making process?

Which of the following is NOT a key economic question?

What is known as the basic economic problem? (unlimited wants meet limited resources)

If price increases and Demand stays constant, Quantity Demand will decrease. (law of demand)

SUPPLY is how much consumers are willing and able to purchase at a given price.