Principles of Business 5.01 Vocabulary

Question 1

Supply of a good or service will increase when demand is great and decrease when demand is low.

Accepted Answer

Law of Supply & Demand

Question 2

A desire for something

Accepted Answer

Want

Question 3

The best time for consumers to buy?

Accepted Answer

Buyer's Market

Question 4

The economic process or activity of producing goods and services.

Accepted Answer

Production

Question 5

Objects that can be manufactured or produced for resale.

Accepted Answer

Goods

Question 6

Prices compared

Accepted Answer

Relative Price

Question 7

Number of goods wanted= number of goods produced

Accepted Answer

Equilibrium Price

Question 8

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

Accepted Answer

Economics

Question 9

When demand is greater than supply.

Accepted Answer

Excess Demand

Question 10

The use of goods and services

Accepted Answer

Consumer

Question 11

Desires of things only by spending money.

Accepted Answer

Economic Want

Question 12

The amount of money paid for a good, service, or resource.

Accepted Answer

Price

Question 13

People who work to produce goods and services.

Accepted Answer

Human Resources

Question 14

The process or activity of using goods and services.

Accepted Answer

Consumption

Question 15

Giving up something for something else.

Accepted Answer

Trade-Off

Questions 15