UNIT 2.00 BUSINESS ESSENTIALS

The people who make or provide goods and services.

Retailers move goods between producers & retailers by buying goods from producers & selling to retailers

The amount of money that is paid for a good, service, or resource.

All of the following are types of economic systems except:

The study of how to meet unlimited competing wants with limited resources.

Convenience, Shopping, Specialty & Unsought are classifications of...

The organized way in which a country handles it's economic decisions and solves it's economic problems.

A desire that can be satisfied without spending money is an economic want.

Socialism is a market economy where government owns the means of production & allows private ownership of businesses.

All of the following are types of producers except:

A government that owns and controls all the means of production and distribution.

Human resources are any resources found in nature that are used to produce goods and services.

One price compared to another is...

A business that operates out of a physical facility.

An economic system where the 3 basic economic questions are answered by individuals & businesses in he market place.

An individual who invents, develops, and distributes a good or provides a service is a(n)...

Desires for things that may or may not be required.

What does the picture below show?

Resource, market, medium of exchange & participants are...

The price at which the quantity that buyers want to buy is equal to the quantity that sellers are willing to sell

All of the following are the 3 basic economic questions except:

A traditional economy is the economic system in which people produce only what they must have in order to exist.

Buying power, Value, & Relative price do not affect the price a customer is willing to pay.

Changes in relative prices cause buyers to substitute the purchase of one product for another.

Companies show corporate social responsibility by: (choose two)