Business Essentials 2.02 Supply and Demand Review

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

Inelastic demand is:

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

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

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

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

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

Competition helps create a healthy society by:

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

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

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

Prices are used in our economy to:

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:

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

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

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

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

Elastic demand is more likely when the good is:

Customers cast economic votes every time they:

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

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

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

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

Businesses can show their social responsibility by contributing to:

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

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

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

What do producers typically do when prices increase?

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

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

Which of the following factors may negatively influence supply:

Which of the following describes inelastic demand?

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

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

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

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

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

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

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