Economic Basics Review

Question 1

As we fulfill needs, we become happier until we are self-actualized

Accepted Answer

True

Question 2

An artificial ‘person’ created by law and owned by shareholders

Accepted Answer

Corporation

Question 3

Quantity of a good or service businesses are willing and able to provide at a certain price.

Accepted Answer

Supply

Question 4

Which of the following has a more lasting effect on the marketplace

Accepted Answer

Trend

Question 5

How many levels are there in Maslow's Hierarchy?

Accepted Answer

Five

Question 6

The difference between what a company makes and what it spends to produce a good or service

Accepted Answer

Profit

Question 7

An alternative product offering does what to Bali's oyster industry?

Accepted Answer

Reduces demand

Question 8

Government and business working together to foster activity and growth

Accepted Answer

Economic Systems

Question 9

Things like buildings, equipment, tools, vehicles and money needed to produce goods or services

Accepted Answer

Capital Resources

Question 10

When prices ________ consumers buy more and demand goes up

Accepted Answer

Decrease

Question 11

Price is determined by supply, demand and the ______ of producing a good or service

Accepted Answer

Cost

Question 12

Which of the following motivate people to buy?

Accepted Answer

All of the Above

Question 13

A business owned by one person

Accepted Answer

Sole-Proprietorship

Question 14

An iPhone 7 is a?

Accepted Answer

Want

Question 15

A virus affecting Bali's oyster population does what?

Accepted Answer

Reduces supply

Question 16

A small business in Canada is defined as one with how many employees?

Accepted Answer

1-99

Question 17

A business owned by its workers or members

Accepted Answer

Co-operative

Question 18

When there is more demand than supply for a product there is a what?

Accepted Answer

Shortage

Question 19

Basic needs for protection against hunger, violence, sickness, unemployment, etc

Accepted Answer

Security and Safety

Question 20

Quantity of a good or service that consumers are willing and able to buy at a particular price.

Accepted Answer

Demand

Question 21

Not necessary for survival but adds pleasure and comfort to our lives

Accepted Answer

Want

Question 22

A person who uses a product or service

Accepted Answer

Consumer

Question 23

Some things can be both needs and wants

Accepted Answer

True

Question 24

Which group made up the largest percentage of employer businesses in Canada in 2015?

Accepted Answer

Small

Question 25

Basic needs vital to survival such as food, water, shelter and clothing

Accepted Answer

Physiological

Question 26

What is the name of Maslow's model?

Accepted Answer

Hierarchy of Needs

Question 27

The businesses that make goods or provide services that people need or want

Accepted Answer

Producers

Question 28

Self-fulfillment needs such as having a purpose and meaning in your life

Accepted Answer

Self-Actualization

Question 29

A jacket in Toronto in February is a?

Accepted Answer

Need

Question 30

A location where producers and consumers come together to buy and sell goods and services.

Accepted Answer

Marketplace

Question 31

Natural, Human and Capital Resources are also known as what?

Accepted Answer

Factors of Production

Question 32

When price and quantity are in balance, you have what?

Accepted Answer

Equilibrium

Question 33

The Pita Pit was founded where and when?

Accepted Answer

Kingston, 1995

Question 34

A business that licenses the name or operating procedures of another

Accepted Answer

Franchise

Question 35

Describe the Pita Pit menu

Accepted Answer

Health Conscious

Question 36

Psychological need for socializing, friendship, companionship, etc.

Accepted Answer

Love and Belonging

Question 37

The psychological need for respect, recognition, accomplishment and self-worth

Accepted Answer

Self-Actualization, Self-Esteem

Question 38

The money required to produce or provide goods and services.

Accepted Answer

Cost

Question 39

When prices _______ suppliers produce more

Accepted Answer

Increase

Question 40

Materials that come from the earth, water and air

Accepted Answer

Natural Resources

Economic Basics Review

Questions 40

Economic Basics Review

Questions 40