BusinessEssentialsUnit2Review

My local hair dresser is an example of what kind of business?

• Manufactuer

• E-tailer

• Service Business

• Trade industry

Which of the following is a type of producer that changes the shapes or forms of materials so that they will be useful to consumers?

• Trade industry

• Manufacturer

• Brick and mortar

• Wholesaler

As a small business owner, I hire a part time manager who can run my business when I am unavailable. This manager is an example of a/an:

• Human resource

• Economic resource

• Natural resource

• Capital good

The relationship between price and demand is an inverse relationship. This means which of the following:

• Supply drives demand

• As demand increases so does supply

• As price increases, demand increases

• As price increases, demand decreases

What is the point at which quantity supplied is equal to the quantity demanded?

• Consumption

• Distribution

• Equilibrium

• Demand

Which of the following describes the situation that exists when supply is greater than demand?

• Supply

• Shortage

• Surplus

• Equilibrium

Which of the following is an example of a product that is relatively inelastic?

• Streaming services

• Video games

• Jeans

• Insulin

My desire to go hiking this weekend could be an example of which of the following:

• A need

• A non-economic want

• An economic want

• An economic good

In a command economy, who controls the means of production and distribution?

• Small business owners

• The government

• Consumers

• Large corporations

A small business is defined as a business that employs how many people?

• only 1

• Less than 10

• Between 10 and 20

• 500 or fewer