POB Unit 5.01 & 5.02 Review

Which of the following situations would cause prices to rise:

In business terms, what is profit?

Which of the following is a natural resource that can be renewed through people's efforts:

In a private enterprise econ. system, the interaction of supply & demand primarily determines

For a business, income remaining after payment of expenses is

Which of the following is an example of a speculative business risk:

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

When manufacturers give back part of the price of an item to the customer, it is called

The basic role of the U.S. government is to

Equilibrium price of a good or service is determined by trial and error and exists when

Which of the following items would be considered a noneconomic want:

Which of the following is an external factor that affects market price:

Who decides how goods and services will be marketed in a private enterprise econ. system?

Which of the following occurs when the supply of individuals who are able to work diminishes:

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

Which of the following is a problem associated with communist command economies:

Which of the following groups of words best describes wants:

Which of the following represents a natural risk for the owner of a delivery service:

1 factor that might limit the human resources available for certain jobs is a(n)

The usefulness of a product to consumers is referred to as product _______

Which of the following is an example of an economic service

Which change provides the most time utility for a consumer?

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

When prices increase, producers usually

What would customers need to present at the time of purchase to get money taken off the price

Which of the following is a reason that natural resources are considered limited:

A local dry cleaner that also launders and presses shirts is selling

Carefully selected goods ro services to sell is an example of handling risks by ___ the risk