A great example of a business that only provides “goods” or “products” is:

Budde’s Pick Your Own Strawberries.

According to Maslow, you will be motivated to satisfy your belonging needs when

After satisfying your lower needs physiological and safety.

In the business or economics worlds, a “good” is:

A tangible commodity that satisfies a consumer’s need.

The Law of Supply explains:

What motivates businesses to produce more/less of a product.

According to the Law of Demand, consumers buy less of a product when the price goes up because:

Fixed incomes limit purchases, buy cheaper substitutes.

Canadian governments provide some goods and services because...

Our population is so small businesses wouldn't provide them.

The sum of all of all transactions for one product.

When the price for products is higher than the equilibrium price often there is a surplus. Why?

High price means high supply and low demand.

Control economies haven't succeeded long periods of time (over 5 years) because:

There is no incentive to improve production processes.

Which of the following is a reason that successful businesses exist and prosper?

The owner satisfied an unmet need in her community.

Who decides what to produce in a mixed economy

Usually the government and the markets.

Transactions involve the exchange of:

A product or service for something of economic value.

The Key Economic Questions - Who? helps us determine

Who benefits from resources exploitation and development.

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Introduction to Business

20 termsStudBud Administration266 plays

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Questions 20

Answers

1
The Timmies employee makes a Dark Roast “regular” then giving it to you is an example of:
Neither a good or a service.
A service.
A good.
Both a good and a service.
2
A great example of a business that only provides “goods” or “products” is:
Tim Horton’s providing good food.
Budde’s Pick Your Own Strawberries.
Smitty’s Skate Sharpening Service at the arena.
The bus driver that drives you to school every day.
3
According to Maslow, you will be motivated to satisfy your belonging needs when
You are lonely.
You are happy.
After satisfying your lower needs physiological and safety.
You get paid and want to take your bestie out to dinner.
4
In the business or economics worlds, a “good” is:
Actions businesses do for a consumer to satisfy their need.
Something your mom approves of.
Something that benefits you.
A tangible commodity that satisfies a consumer’s need.
5
Canadian governments provide a number of goods and services in exchange for:
Money from corporate donors.
None of the above.
Money in the form of taxes.
Money in the form of service charges.
6
The Law of Supply explains:
Why there is more candy in stores after Christmas.
Why people buy more when the price decreases.
Why consumers demand more products.
What motivates businesses to produce more/less of a product.
7
According to the Law of Demand, consumers buy less of a product when the price goes up because:
When the price goes up, the supply of the product goes down.
They are cheap.
Fixed incomes limit purchases, buy cheaper substitutes.
They can’t afford as much of the product when it costs more.
8
Canadian governments provide some goods and services because...
Our population is so small businesses wouldn't provide them.
The supply of the goods need to equal the demand by voters.
We have so much water that we need to.
We have to.
9
In a Free Market economy...
There is no government.
The government is involved in many economic decisions.
The government plays a small role.
Collect taxes, builds roads and runs hospitals and schools.
10
A market is:
A place to buy produce from farmers.
The sum of all of all transactions for one product.
The sum of the transactions of all of the products.
A small grocery store where they sell primarily produce.
11
When the price for products is higher than the equilibrium price often there is a surplus. Why?
High price means low supply and high demand.
High price means high supply and high demand.
High price means low supply and low demand.
High price means high supply and low demand.
12
Control economies haven't succeeded long periods of time (over 5 years) because:
They work on five year plans.
Governments are bad planners.
There is no incentive to improve production processes.
The government doesn't use tax money to benefit everyone.
13
Which of the following is a reason that successful businesses exist and prosper?
The owners wanted to control their own destiny.
The owner satisfied an unmet need in her community.
The owner wanted to control her lifestyle.
The owner had a hobby and turned it into a business.
14
The government exerts the most control in this type of economy
Mixed
Command
Free Market
Freedom
15
The markets decide everything in this economic system.
Free market
Freedom
Command
Mixed
16
When might it be good for a country if governments answer the 3 Key Economic Questions?
Emergency like a hurricane, ice storm, flooding, etc.
All of the above.
Time of war.
When there is some catastrophic event. (Great Depression)
17
Who decides what to produce in a mixed economy
Usually the markets.
Usually the government and the markets.
Consumers.
The government.
18
Transactions involve the exchange of:
Ideas for a pat on the back.
A product for a service.
A Product for a good.
A product or service for something of economic value.
19
The Key Economic Questions - Who? helps us determine
A work Schedule.
Who puts the slides together for the presentation.
Who is responsible for digging up the resources.
Who benefits from resources exploitation and development.
20
The USA is an example of this type of economic system.
Free market
Command
Mixed
Freedom

Introduction to Business Flashcards | StudBud