Business Concepts Quiz

What type of producer changes the shapes or forms of materials to be useful to consumers?

• Raw-goods producer

• Manufacturer

• Service business

• Retailer

Who are the people that make or provide goods and services?

• Consumers

• Producers

• Wholesalers

• Retailers

What is a business that buys consumer goods or services and sells them to the ultimate consumer?

• Retailer

• Wholesaler

• Builder

• Manufacturer

What is the duty of business to contribute to the well-being of society?

• Trade industries

• Social responsibility

• Distribution

• Consumption

Tags

CCSS.W.9-10.1

CCSS.W.9-10.2

CCSS.W.9-10.4

What are manufactured or constructed items used in the production of goods and services?

• Consumer products

• Capital goods

• Raw-goods

• Services

What is an economic want?

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

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

• A form of demand for products

• An indication of how changes in price affect demand

What is economics?

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

• A form of demand for products

• An indication of how changes in price affect demand

• The economic process of trading one good/service for another

Tags

CCSS.RI.9-10.4

What is elastic demand?

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

• An indication of how changes in price affect demand

• The point at which quantity supplied equals quantity demanded

• The situation that exists when demand is greater than supply

What is elasticity?

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

• The point at which quantity supplied equals quantity demanded

• The situation that exists when demand is greater than supply

• The economic process of trading one good/service for another

What is equilibrium?

• The point at which the quantity supplied is equal to the quantity demanded

• The situation that exists when demand is greater than supply

• The situation that exists when supply is greater than demand

• The economic process of trading one good/service for another