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BBI2O- Unit 1- Economic Quiz 1 Review Flashcards | StudBud
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BBI2O- Unit 1- Economic Quiz 1 Review
BBI2O- Unit 1- Economic Quiz 1 Review
20 terms
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Economic basics quiz for 10th grade business students #bbi2o #economics #supply #demand
Flashcards
20 cards
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Questions
20
Answers
1
_____ is an example of a human resource.
A diamond
A computer
Coal
A teacher
2
This type of dress code is an example of
casual
Smart casual
business
Business casual
3
When demand is high, and supply is low what situation is probably occurring?
Surplus
Shortage
Equilibrium
Economics?
4
When more is supplied than demanded at a Price, the result is a ________
surplus
equilibrium
fixed price
shortage
5
As prices decrease consumers will purchase more. This is the law of...
Equilibrium
Economics
Supply
Demand
6
When supply is greater than demand there is a(n)...
Surplus
Breakeven
Shortage
Equilibrium
7
When supply is high and demand is low prices will
Rise
Change
Fall
Stay the same
8
Who does supply represent in an economy?
Consumers
Government
The United Nations
Businesses
9
Which of the following is NOT a type of economic resource?
Capital
Human
Natural
Ergonomic
10
Profit =
Expenses
Sales Revenue
Costs - Expenses
Sales Revenue - Costs - Expenses
11
Revenue is another word that can be used for ______
Demand
Sales
Costs
Profit
12
Production costs, producer expectations of the future, and number of producers all can shift
Demand
Shortage
Surplus
Supply
13
Which of the following is NOT one of the 4 factors that can increase or decrease demand?
Changes in consumer income
Change in the costs of production
Change in consumer tastes
Expectation of future price or income change
14
As selling price increases businesses are willing to produce more. This is the law of...
Supply
Companies
Demand
Equilibrium
15
Needs are ____ while wants are _____
limited, unlimited
unlimited, limited
inexpensive, expensive
expensive, inexpensive
16
The Price at which market supply and demand balance each other is known as
Equilibrium
Surplus
Marketization
Shortage
17
Who does demand represent in an economy?
the government
Businesses
Consumers
Managers
18
______ is an example of a Natural Resource
Oil
A hammer
An engineer
A truck
19
The CHEO Foundation is an example of a
for profit
not-for-profit
non-proft
20
If many people become unemployed
Demand will increase
Supply will increase
There will be no change in the market
Demand will decrease
