According to the Law of Demand, consumers buy less of a product when the price goes up because:

Fixed incomes limit purchases, buy cheaper substitutes.

The Law of Supply explains:

How product amount is often directly related to the selling price.

Which of the following is a reason that successful businesses exist and prosper?

The owner satisfied an unmet need in her community.

According to Maslow, you will be motivated to satisfy your belonging needs when

After satisfying your lower needs physiological and safety.

A great example of a business that only provides “goods” or “products” is:

Budde’s Pick Your Own Strawberries.

Wherever buyers and sellers come together to do business.

Transactions involve the exchange of:

A product or service for something of economic value.

In the business, a “good” is:

Physical, tangible product manufactured for consumers

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BBI - Unit 1 Business Fundamentals

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Questions 12

Answers

1
According to the Law of Demand, consumers buy less of a product when the price goes up because:
They are cheap.
Fixed incomes limit purchases, buy cheaper substitutes.
When the price goes up, the supply of the product goes down.
They can’t afford as much of the product when it costs more.
2
Person/business who makes or provides products.
Producer
Ultimate Consumer
Service
Good
3
The Timmies employee makes a Dark Roast “regular” then giving it to you is an example of:
Neither a good or a service.
Both a good and a service.
A good.
A service.
4
The Law of Supply explains:
How product amount is often directly related to the selling price.
Why consumers demand more products.
Represents the consumer side of any market.
Why people buy more when the price decreases.
5
Is Food a Need or a Want?
Need
Want
6
Which of the following is a reason that successful businesses exist and prosper?
The owner had a hobby and turned it into a business.
The owner wanted to control her lifestyle.
The owners wanted to control their own destiny.
The owner satisfied an unmet need in her community.
7
According to Maslow, you will be motivated to satisfy your belonging needs when
You are happy.
After satisfying your lower needs physiological and safety.
You are lonely.
You get paid and want to take your bestie out to dinner.
8
A great example of a business that only provides “goods” or “products” is:
Budde’s Pick Your Own Strawberries.
Smitty’s Skate Sharpening Service at the arena.
The bus driver that drives you to school every day.
Tim Horton’s providing good food.
9
A market is:
Wherever buyers and sellers come together to do business.
A small grocery store where they sell primarily produce.
The sum of the transactions of all of the products.
A place to buy produce from farmers.
10
Is a mansion a Need or a Want?
Want
Need
11
Transactions involve the exchange of:
A product or service for something of economic value.
A product for a service.
A Product for a good.
Ideas for a pat on the back.
12
In the business, a “good” is:
Something that benefits you.
Physical, tangible product manufactured for consumers
Something your mom approves of.
Actions businesses do for a consumer to satisfy their need.

BBI - Unit 1 Business Fundamentals Flashcards | StudBud