Business Essentials 2.00 Review
Authored by Bailey Ray
Business
9th - 12th Grade
Used 6+ times
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20 questions
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1.
MATCH QUESTION
5 mins • 1 pt
Match the following
Business that performs intangible activities that satisfy wants of consumers & industrial users.
Service business
Businesses that buy and sell goods to others
Retailer
A business that buys goods from producers and sells them to retailers
E-tailers
Retailers who operate solely online
Trade industries
A business that buys consumer goods or services and sells them to the ultimate consumer
Wholesaler
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
Price
Reward
Opportunity cost
Equilibrium
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Giving up all or a part of one thing in order to get something else
Trade-off
Opportunity Cost
Reward
Need
7.
MATCH QUESTION
5 mins • 1 pt
The human and natural resources and capital goods used to produce goods and services
Economics
Physical objects that are useful, scarce, and transferable and which satisfy economic wants
Economic resources
Productive acts that are useful, scarce, and transferable and which satisfy economic wants
Economic want
The study of how to meet unlimited, competing wants with limited resources
Economic goods
A desire for something that can only be satisfied by spending money
Economic services
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