Business Essentials Module 2

In economics, capital goods include

The economic principle says the quantity of a good/service people buy varies inversely with prices of a good/service is

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

reflects the quantities that consumers are willing and able to buy at various pricesduring the same time period

The concept of the supply of a good/service will increase when demand is great and decrease when demand is low is

A larger etailer feels that it must contribute to society, donates a portion of its earnings to charity for environment

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

When the demand is so great that customers will buy regardless of high prices, a(n)_____market exists

The basic role of the United States government is to

The general classifications of business risks are

_____economy where most goods and services are offered by private companies

To use resources wisely, business owners must reduce

In our economy,gets the goods or services that have been produced.

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

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

What motivates businesses to produce efficiently and sell effectively?

A gap between unlimited wants and limited resources creates

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

What are the three basic economic questions?

Into what two categories can wants be divided?

Malinda owns a home, instead of living in it, she decides to rent it to make e money.Which economic freedom is this

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

Which of the following represents a primary business activity?

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

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

The heart of economics is

The best time for consumers to purchase products at reduced prices is when a(n)_____market exists.

Why are resources considered limited?

Every business must accomplish which of the following:

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

When a business keeps a risk because management is unaware of it, the business is__________ the risk.

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

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

The point at which the quantity of a good buyer will buy equals the quantity that sellers will to sell at a price is

Which of the following statements about perfect competition is correct

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

where the government owns and offers all the goods and services

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

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

In business terms, what is profit?