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Chapter 2-2 Flashcards | StudBud
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Chapter 2-2
Chapter 2-2
20 terms
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StudBud Administration
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Chapter 2 International Business Dlabay and Scott. Textbook for high school students.
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
A store is running out of Valentine's Day cards in February. What's the supply and demand?
supply low, demand high
supply high, demand low
supply low, demand low
supply high, demand high
2
The 1st step in decision making process
review the decision
Define the problem
identify the alternative
make a choice
3
Demand is referred to as Producers.
True
False
4
Refers to the limited resources available to satisfy the unlimited needs and wants of people
Resources
Needs and wants
Economics
Scarcity
5
An increase in the Avg Prices of goods and services in a country is know as
debt
inflation
Demand
Supply
6
It can occur when a government tries to solve economic problems by printing more money.
All of the above
demand -pull inflation
Inflation
cost-push inflation
7
Price gouging refers to the practice of raising the price of goods,unreasonable for profit
False
True
8
Supply is referred to as Consumers
False
True
9
At Christmastime, there are not enough of the most popular toy!What's the supply?Demand? Price?
supply: low; demand: high; price: low
upply: low; demand: low; price: low
supply: low; demand: high; price: high
low demand, high price
10
If the price of Snickers goes up demand for Snickers goes down. This will result in
a surplus of Snickers
a shortage of Snickers
a further increase in the price of Snickers
Snickers in school lunches
11
Higher prices charged by by a company
inflation
demand-pull inflation
market price
Cost push inflation
12
What is a supply curve?
upward sloping graph showing quantity and price
shows what is supplied
shows how much a company supplies
upward sloping graph showing demand and price
13
The point at which supply and demand cross is called
inflation
demand
market price
supply
14
New version of a video game is released? What's the supply and demand for the OLD version?
low demand, low supply
high supply, high demand
high supply, low demand
low supply, low demand
15
What is market price?
profit businesses make
point where supply and demand are equal
how much is paid for a product
selling price
16
The study of how people choose the use limited resources to satisfy their unlimited needs/wants
Scarcity
All of the above
Economics
none of the above
17
There is low supply and high demand of candy. What's the price?
discounted price
low price
regular price
high price
18
New popular book is released, and there are limited copies. What's the supply and demand?
supply low, demand high
supply high, demand low
supply low, demand low
supply high, demand high
19
When the new iPhone comes out, what will be the demand for the older one?
high
none
Very High
low
20
Given up a choice when a decision been made.
Scarcity
Opportunity cost
none of the above
Decision
