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BBI2O1 Chapter 1 Exam Review Flashcards | StudBud
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BBI2O1 Chapter 1 Exam Review
Consumer need is things that are necessary for survival
What is the law of demand?
BBI2O1 Chapter 1 Exam Review
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Questions
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Answers
1
What is the law of demand?
Prices increase, demand decrease
demand increase prices increase
2
Consumer need is things that are necessary for survival
True
False
3
Consumers have no say in how a business is to run or what type of products are sold
true
false
4
Which of the following is not an economic resource
businesses
human
natural
capital
5
Solvency is the ability for a company to pay off all their debts
True
False
6
Prices change as demand and supply change
True
False
7
Most product or service are made of economic resource
False
True
8
What is one factor that influences demand
changes in technology
change in the number of producers
changing consumer income
changing production cost
9
If income increases, do consumers purchase…
more
less
the same amount
10
What happens when an item becomes obsolete
people uses them
people like them
people don’t want them
11
High prices usually ___________ the quantity demanded
increase
balances
skyrockets
decreases
12
What is a consumer want
Something that dictates are needs
Something that is obsolete
That are not necessary for survival
Oxygen
13
What happens when businesses are in control of the market?
They take control of the market
They make items obsolete
They have pricing power
They have purchasing power
14
A non-profit businesses goal is to make profit
True
False
15
A SMB has how many people?
under 500
under 200 people
over 1000
over 500
16
What is the law of supply?
supply goes up price goes down
supply and prices increase and decrease together)
