Business Essentials Unit 2

The best time for consumers to purchase products at reduced prices is when a __________ market exists.

The general classifications of business risks are

Concept that supply of a good/service will increase when the demand is great and decrease when demand is low is known as

In business terms, what is profit?

A _______ economy is where the government owns and offers all the goods and services.

The basic role of the United States government is to

Which of the following statements about perfect competition is correct:

What motivates businesses to produce efficiently and sell effectively?

Having well-planned buildings and providing effective employee training are ways that a business can _?_ business risks.

Which of the following is the best reason for studying economics?

Which one of the following groups of words best describes wants:

To use resources wisely, business owners must reduce

What type of market structure is most commonly found in a private enterprise economy?

The amount of money paid for raw materials and products sold is called

What are the three basic economic questions?

A retailer feels a duty to contribute to the well-being of society so it gives a portion of its proceeds to charity is

When a business keeps a risk because management is unaware of it, the business is ___?____ the risk.

Malinda owns a home that she decides to rent it out to make more money. Which economic freedom does this illustrate?

A ______ economy is where most goods and services are offered by private companies.

Which of the factors that affect profit are usually able to be controlled?

Seeing a movie at a theater would be considered a(n) __________ want.

Offering high quality, large assortments, and free shipping are examples of

Every society must develop a system for deciding how it will use its resources so that it can

A hurricane that destroys a business is an example of a(n) _______ risk.

Who answers the basic economic questions in a private enterprise economic system?

A gap between unlimited wants and limited resources creates

_______reflects the quantities that consumers are willing and able to buy at various prices during the same time period.

When employees are working faster or better, they are increasing their

What economic principle states the quantity of a good/service that consumers will buy varies inversely with its price?

Which of the following represents a primary business acvity?

The actual price that prevails in a market at any particular moment is the __________.

When the demand is so great that customers will buy regardless of high prices is a ________

__ is the point at which the quantity of a good that buyers want equals the quantity that sellers are willing to sell at

In our economy, _________ get(s) the goods or services that have been produced.

In economics, capital goods include

Into what two categories can wants be divided?

The automobile industry, the pharmaceucal industry, and the oil industry are all examples of

The heart of economics is

Every business must accomplish which of the following:

Why are resources considered limited?