Business Essentials 2.00 Review

Match the following

• Businesses that buy and sell goods to others

• Retailer

• Business that performs intangible activities that satisfy wants of consumers & industrial users.

• Service business

• A business that buys consumer goods or services and sells them to the ultimate consumer

• Wholesaler

• Retailers who operate solely online

• Trade industries

• A business that buys goods from producers and sells them to retailers

• E-tailers

 Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service

• Law of supply

• Law of demand

• Rule of Law

• Law of supply and demand

Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price

• Law of supply and demand

• Rule of law

• Law of demand

• Law of supply

Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low 

• Law of supply and demand

• Rule of law

• Law of supply

• Law of demand

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

• Price

• Reward

• Opportunity cost

• Equilibrium

Giving up all or a part of one thing in order to get something else

• Trade-off

• Opportunity Cost

• Reward

• Need

Match the following

• A desire for something that can only be satisfied by spending money

• Economic want

• Productive acts that are useful, scarce, and transferable and which satisfy economic wants

• Economics

• The human and natural resources and capital goods used to produce goods and services

• Economic services

• Physical objects that are useful, scarce, and transferable and which satisfy economic wants

• Economic goods

• The study of how to meet unlimited, competing wants with limited resources

• Economic resources

An indication of how changes in price will affect changes in the amounts demanded and supplied 

• Elasticity

• Elastic demand

• Economics

• Equilibrium

 A form of demand for products in which changes in price correspond to changes in demand

• Equilibrium

• Economics

• Elasticity

• Elastic demand

A form of demand in which changes in price do not affect demand

• Inelastic demand

• Elasticity

• Elastic demand

• Excess demand