New POB Obj. 5.01-02 Economics Review

Business that purchases trees to manufacture pencils is creating what type of utility?

Business that offers credit card options as form of payment is increasing what type of utility?

A major characteristic of a market economy is __ ownership of property.

Countries who provide citizens with free medical care, education & other benefits are called

In a private enterprise system, the interaction of supply and demand determines:

For a business, income remaining after payment of expenses is:

When prices decreases, the consumer market for a product usually:

A business that begins that offers online purchasing is what type of utility?

Consumer goods such as shoes, clothing, jewelry, etc are example of which type of demand

natural resources are existing in or derived from nature

Prohibits price discrimination sothat businesses would charge similar price for similar goods.

A federal regulatory agency that monitors business activities to prevent unfair competition

What are capital resources?

Examples of goods are

The main economic problem is

What do economists call the intersection of demand and supply curves?

Which is an external factor that affects market price?

A killing frost destroys 80% of Florida's citrus crop. This will most likely create

Opportunity cost is the lost alternative to which resources could have been allocated

Prevents monopolies from forming and hinders price fixing

When a business focuses on quality and services, the business is engaging in:

Services are items we can touch or hold

The demand for a good is constant, even if the product’s price changes. Ex. gas, utilities,milk

The 4 basic types of economic systems are

A business that begins selling winter holiday decorations in late autumn is creating _ utility.

Which of the following items would be considered a non-economic want:

A business selects goods or services to sell. Which type of risk is this business using?