BE 2.05 EC-910 Vocabulary

What is the cost of goods?

• The money received by resource owners and by producers for supplying goods and services to consumers

• The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

• The money left after the cost of goods is subtracted from total income

• The money that a business spends

Who are creditors?

• Individuals or businesses to whom a business owes money or from whom it wants to borrow money

• The quantity of a good or service that buyers are ready to buy at a given price at a particular time

• The system in which people make and spend their incomes

• Accomplishing a task with a minimum expenditure of time and effort

What is demand?

• The money received by resource owners and by producers for supplying goods and services to consumers

• The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

• The quantity of a good or service that buyers are ready to buy at a given price at a particular time

• The money that a business spends

What is an economy?

• Individuals or businesses to whom a business owes money or from whom it wants to borrow money

• The quantity of a good or service that buyers are ready to buy at a given price at a particular time

• The system in which people make and spend their incomes

• Accomplishing a task with a minimum expenditure of time and effort

What is efficiency?

• The money received by resource owners and by producers for supplying goods and services to consumers

• The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

• Accomplishing a task with a minimum expenditure of time and effort

• The money that a business spends

What are expenses?

• Individuals or businesses to whom a business owes money or from whom it wants to borrow money

• The quantity of a good or service that buyers are ready to buy at a given price at a particular time

• The money that a business spends

• The money left after the cost of goods is subtracted from total income

What is gross profit?

• The money received by resource owners and by producers for supplying goods and services to consumers

• Money left after the cost of goods is subtracted from total income

• The money that a business spends

• The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

What is income?

• The money received by resource owners and by producers for supplying goods and services to consumers

• The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

• The money that a business spends

• Money left after the cost of goods and operating expenses are subtracted from the total income

What is net profit?

• The money received by resource owners and by producers for supplying goods and services to consumers

• The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

• Money left after the cost of goods and operating expenses are subtracted from the total income

• The money that a business spends

What are operating expenses?

• Individuals or businesses to whom a business owes money or from whom it wants to borrow money

• All of the expenses involved in running a business that are not directly related to production

• The system in which people make and spend their incomes

• Accomplishing a task with a minimum expenditure of time and effort