BEP 2O Economic Basics Part 1

Question 1

TD Canada Trust is a ________.

Accepted Answer

Producer

Question 2

I pay a sales person $18 per hour to sell shoes, record sales, & help customers. This is an ___

Accepted Answer

expense

Question 3

At a price of $1 per cup of coffee Mrs. T would buy 5 cups per day.

Accepted Answer

Demand

Question 4

A dealership sells _________________.

Accepted Answer

Both Goods & Services

Question 5

The shoes cost $30 in materials to make. This is _________.

Accepted Answer

expense

Question 6

A. Y. Jackson is a ________ organization.

Accepted Answer

Not for Profit

Question 7

Revenue - Expenses = ____________.

Accepted Answer

Profit or (Loss)

Question 8

Demand will likely decrease if,

Accepted Answer

all of these

Question 9

A. Y. Jackson is an organization.

Accepted Answer

True

Question 10

The way goods and services are made available to consumers is known as _________.

Accepted Answer

economic system

Question 11

Forests are an example of ________ resources.

Accepted Answer

natural

Question 12

The Canadian Cancer Society is a _________ organization.

Accepted Answer

Not for profit

Question 13

Price affects both supply & demand.

Accepted Answer

True

Question 14

Going out to a restaurant for a sit down meal with my family is an example of a _________.

Accepted Answer

Want

Question 15

I buy new shoes for $50. The $50 the business receives from me is ______.

Accepted Answer

Revenue

Question 16

The annual boat show in Ottawa is an example of ______.

Accepted Answer

marketplace

Question 17

The price of gas fluctuates

Accepted Answer

True

Question 18

If I complete banking transactions online I am a ____________.

Accepted Answer

consumer

Question 19

The supply of back to school supplies is _____ in September.

Accepted Answer

High

Question 20

The demand for camping spots is ________ in the summer.

Accepted Answer

High

Question 21

Mrs. T. is an example of a _______ resource.

Accepted Answer

human

Question 22

Making dinner at home for my family is an example of a ______.

Accepted Answer

Need

Question 23

A private business that offers snow removal is selling a _________.

Accepted Answer

Service

Question 24

If prices decrease, supply will decrease.

Accepted Answer

Law of Supply.

Question 25

A business that is owned by 2 or more people is a ______ .

Accepted Answer

Partnership

Question 26

A sole proprietor has _____ owner.

Accepted Answer

One

Question 27

Cash in my wallet is an example of _______ resources.

Accepted Answer

Capital

Question 28

If prices increase, demand decreases.

Accepted Answer

Law of Demand

Question 29

Mrs. Talbot has 2 Kleenex boxes in her classroom

Accepted Answer

Supply

Question 30

A. J. Jackson building, portables, & parking lot are examples of _______ resources.

Accepted Answer

capital

BEP 2O Economic Basics Part 1

Questions 30

BEP 2O Economic Basics Part 1

Questions 30