2.02 Business Essential Pop Quiz

You are craving wings. Is this a want or a need?

• Want

• Need

Hanging out with your friends at the park.

• Economic want

• non-economic want

Truck Driver & Lawyer are what kind of resource?

• Natural

  Resource

• Human Resource

• Capital Good

Is Money a capital good?

• No, it's called Financial Capital and it's used to help start and maintain the business

• Yes, it is the main good of the business

Payments for Human Resources will fall under which economic activity?

Ex: wages, salaries, profits

• Consumption

• Distribution

• Exchange

• Production

The benefit that is lost when you decide to

Study for a test rather than going out with friends is called?

• Opportunity Cost

• Trade off

T.J Maxx has excess swimsuits after summer is over. The swimsuits are now on sale.

What kind of market is this?

• Seller's Market

• Buyer's Market

The electricity needed to power your house.

Elastic or Inelastic Demand?

• Inelastic Demand

• Elastic Demand

A late freeze destroyed most of the citrus fruit in Florida.

• Orange Prices will increase

• Orange Prices will decrease

The College Bookstore has 100 computer books to sell that were published five years ago.

• book prices will increase

• book prices will decrease