Foundations of Business

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

Which term describes when quantity supplied and quantity demanded is equal

• surplus

• shortage

• equilibrium

• law of demand

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

A group of buyer and sellers of a particular good or service

• Supply
• Demand
• Agency
• Market

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket.  For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth.  This month she made and sold 15 blankets. What is Kelly's total SALES REVENUE?

• $25

• $225

• $375

• $750

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket.  For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth.  This month she made and sold 15 blankets. What is Kelly's total COST of GOODS SOLD?

• $25

• $225

• $375

• $750

Which of the following is the best definition of SALES REVENUE?

• The total amount of income a business makes from selling products or services

• The amount of money a business has LEFT over after paying for their costs.

• The total amount of money a business spends.

• The amount of money a business loses every month.

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket.  For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth.  This month she made and sold 15 blankets. What is Kelly's total PROFIT?

• $25
• $525

• $375
• $750