Business Essentials Unit 2

If a good/service is scarce customers will usually…

Gap between unlimited wants and resources creates…

Careful screening of credit customers is an example of handling business risk through…

Why are entrepreneurs important in a private enterprise system…

Benefit of economic freedom is that it provides…

What is the motivation of businesses to produce efficiently and sell efficiently?

Burger King and McDonalds are examples of…

Individuals and businesses own means of production and distribution with limited government regulations in a …

What is a characteristic of a sellers market?

What do producers often do when supply is greater than demand…

What incentives in our economy encourage producers to change or reallocate their resources…

Which of the following determines whether consumers can purchase goods/service?

Which Activities are likely to increase a firm's profit?

Example of economic want…

Holding a meeting in 1 city rather than another bc of crime in that city is an example of…

Any factor that causes changes in supply and demand will cause changes in…

Reasons why a country needs an economic system…

What are two main devisions in the trade industry?

A Characteristic of human wants is that they are…

Some energy companies offer free electricity at night and on weekends because…

One way to show social responsibility

Qualities of monopolies…

Money spent to run a business is called…

Factor that directly limits the economic freedom of individuals in a private enterprise system is…

A manager is willing to accept fewer products for higher quality product

Economic votes are cast by customers each time they...

A popular product is said to be…

Socially responsible businesses give customers…

If there is not enough of a desired product it is…