a basic requirement for survival

GDP (Gross Domestic Product) is…

the total monetary value of all final goods and services produced

The business cycle is...

the pattern of expansion and contraction that the economy goes through.

the amount of goods and services that producers are willing to provide.

the amount of goods or services that consumers are willing and able to buy

Tangible products that satisfy consumers’ wants and needs.

something you don't need to have, but would like to have

What are the 4 factors of production?

Land, Labor, Capital, and Entrepreneur

the state in which market supply and demand balance each other out

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Page 6 Vocab; Ms. Ingram

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Questions 15

Answers

1
Needs are.....
something you would like to have
a basic requirement for survival
when demands exceed supply
2
Services are intangible products that satisfy consumers' wants and needs
False
True
3
What are the 2 types of demands?
Needs and Wants
Elastic and Rubber
Elastic and Inelastic
Goods and Services
4
The people who make or provide goods and services are...
Services
Competitive Advantage
Producers
Customers
5
GDP (Gross Domestic Product) is…
when price change has little impact on demand
genetically modified organisms
the amount of time from the moment of conceiving the idea about a product
the total monetary value of all final goods and services produced
6
The people who buy goods and services...
Nondurable goods
Consumers
Producers
Goods
7
The business cycle is...
the pattern of expansion and contraction that the economy goes through.
when price change has no impact on demand.
the concept that price alone does not determine demand.
8
Supply is...
our needs and wants
the amount of goods and services that producers are willing to provide.
how much consumers want a product for a given period of time
9
Demand is....
when demand exceeds supply
the human effort used to produce an item
the amount of goods or services that consumers are willing and able to buy
entrepreneurship
10
Goods are....
Intangible products that satisfy consumers' wants and needs.
Tangible products that satisfy consumers’ wants and needs.
A summary of work, skills, and experience of a prospective employee.
11
Diminishing Marginal Utility is the theory that pricing alone doesn't determine demand
False
True
12
Scarcity occurs when....
supply and demand are the same
supply exceeds demand
demand exceeds supply
13
Wants are...
needed for survival
all natural resources upon and beneath the earth's surface
something you don't need to have, but would like to have
14
What are the 4 factors of production?
Land, Labor, Capital, and Entrepreneur
Product, Price, Promotion, and Place
Who, What, When, and Where
Land, Labor, Capital, and Economy
15
Equilibrium is...
the idea of limiting the supply of a product.
the state in which market supply and demand balance each other out
Gross Domestic Product.

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