Business Essentials 2.02 Supply and Demand Review

Josh increases the price of his newly designed shirt. The price change leads to a decrease in demand. The demand is:

Prices are used in our economy to:

When prices of iPhones increase, the quantity of iPhones for sale will increase. This is an example of the law of:

Marc wants to figure out how much changes in price will affect his business’s sales, so he pays attention to:

Which factor is a barrier to small-business and entrepreneurial success?

Which of the following factors may negatively influence supply:

Competition helps create a healthy society by:

Elastic demand is more likely when the good is:

The interaction between supply and demand determines a product's:

Which of the following determines whether consumers can purchase goods or services:

The Candy Store is selling more and more chocolate each quarter. What will likely happen over future quarters?

A form of demand for products in which changes in price correspond to changes in demand is:

The economic system that adopts the fewest new ideas or improvements is:

Which of the following might cause supply of a good to decrease:

What is the economic basis for the private enterprise economic system?

Gas prices increased $0.30 more per gallon. Raylee continued to buy gas because she needed to get to work. What demand?

The quantity of a good or service that producers are able and willing to offer for sale is called:

What is a want that can be satisfied by spending money to consume a good, service, or leisure activity?

Which of the following is characteristic of a seller’s market:

Your firm is considering producing a new product. There is a demand for the product. What could hinder your production?

Inelastic demand is:

Customers cast economic votes every time they:

A small business is defined as a business employing fewer than how many people?

In a socialist economy, what determines how basic economic questions are answered?

Most businesses strive to supply goods and services in direct proportion to:

What do producers typically do when prices increase?

When less expensive substitutes for a product are readily available, then demand for that product is likely to be more:

A business researches potential demand for a new product. The factor that will affect demand for this product is:

What economy is based on public or governmental ownership of the production and distribution of goods?

Which of the following describes inelastic demand?

Demand for a good is more likely to be elastic when the good is:

After football season, there was an abundance of jerseys remaining. This creates what type of market condition?

Businesses can show their social responsibility by contributing to:

The Brooks Company makes sneakers. They supplied as many sneakers as consumers demanded. This created what condition?

Rocky Mount has many houses for sale at a low price, and demand for the houses is low. What kind of market exists in RM?

Consumers, producers, and owners of resources use money to create a flow of resources through which economic activity?

Marcy is ready to buy a new computer. She has saved up enough money to buy the model she wants. This is an example of:

People buy goods to maintain their same quality of life to which they are accustomed to. This influence on demand is:

To prepare for good decision-making that ensures the efficient delivery of products to the marketplace, one should study

A company feels it has a duty to give back to society, so it donates some proceeds to a charity. It is demonstrating: