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Basics of Business/Economics Flashcards | StudBud
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Basics of Business/Economics
Basics of Business/Economics
17 terms
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StudBud Administration
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5 plays
Economics Review
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
I buy a cake. I am a....
Producer
Resource
Manufacturer
Consumer
2
When a product leaves its country to be shipped to another country, it is ________.
Exported
Bought
Imported
Sold
3
What is an example of a capital resource?
A business
Tools and equipment
Income and loss
Currency
4
Which of the following is a good? (there are two correct answers - choose one)
Baking a pie
A cookie
Selling cupcakes
A bag of flour
5
What is an economic system?
The way a country manages its money and resources
things we use to satisfy our wants and needs
People depend on each other
Money, goods, services, supply, and demand
6
A human resource is...
Things we use to satisfy our wants and needs
The things nature provides that we use for our wants/needs
Resources found in people
Goods that are used to make other goods/to provide services
7
Which of the following are needs (not wants)? (choose all that apply)
Water
Cake
TV
Clothes
8
A list of _________ for a business would show the total amount of money spent on resources.
Services
Resources
Income
Expenses
9
What could lead to a higher price for your product?
Low supply, low demand
Low supply, high demand
High supply, high demand
High supply, low demand
10
A capital resource is...
Resources found in people
Goods that are used to make other goods/to provide services
Things we use to satisfy our wants and needs
The things nature provides that we use for our wants/needs
11
A _________ is anything that satisfies our wants and needs.
Income
Toy
Supply
Resource
12
What is a business?
An organization satisfying limited wants with unlimited resources
An organization trying to make profit by donating good/services
An organization trying to make profit by selling goods/services overseas
An organization trying to make profit by providing goods/services
13
What are the three types of resources? (there are three - choose one)
Capital
Human
Consumer
Natural
14
______ is the amount of money received from selling goods or services.
Expenses
Resources
Services
Revenue
15
Demand is...
A person who makes a good or provides a service.
Goods that are used to make other goods/to provide services.
Something people buy that you can hold or touch.
People's willingness to buy goods or services.
16
What is economics?
The study of scarcity (unlimited wants and limited resources)
The study of business production and consumer purchase
The study of scarcity (limited wants and unlimited resources)
The study of making profit by providing goods and services
17
A natural resource is...
Goods that are used to make other goods/to provide services
Things we use to satisfy our wants and needs
Resources found in people
The things nature provides that we use for our wants/needs
