Business Essentials 202

Economic principle that deals with the quantity of a good or service that people will buy

The point at which the quantity supplied is equal to the quantity demanded

A gap between unlimited wants and limited resources creates

The quantity of a good or service that buyers are ready to buy at a given price

A salesclerk working part-time at a department store is an example of a:

The process or activity of using goods and services

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

The situation that exists when demand is greater than supply

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

Which of the following is an example of an economic want?

Physical objects that are useful, scarce, and transferable and which satisfy economic wants

A form of demand in which changes in price do not affect demand

Desire for things that can be obtained without spending money

Using a stream to supply water for crops is an example of using

A desire for something that can only be satisfied by spending money

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

Economic principle stating that the supply of a good will increase when demand is great and decrease when demand is low

The economic process or activity by which income is divided among resource owners and producers

The economic process of trading one good/service for another

Giving up all or a part of one thing in order to get something else

Economic "votes" are cast by consumers each time they

Manufactured or constructed items that are used in the production of goods and services

Productive resources: Natural and Human Resources and Capital Goods

An indication of how changes in price will affect changes in the amount demanded and supplied

People who work to produce goods and services