Business Concepts Quiz

Who are "builders" in the business environment?

• People who use goods and services.

• Retailers who sell goods online.

• A type of producer that constructs roads, bridges, and buildings.

• Businesses that perform intangible activities.

What term describes people who use goods and services to satisfy their wants?

• Producers

• Consumers

• Manufacturers

• Wholesalers

What are "e-tailers"?

• Retailers who operate solely online.

• Businesses that sell goods in physical stores.

• Producers of raw goods.

• Intermediaries between producers and retailers.

What is the definition of a "retailer"?

• A business that constructs roads and bridges.

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

• A business that provides intangible services.

• A business that operates solely online.

Tags

CCSS.L.9-10.4

CCSS.RI.9-10.4

What does "social responsibility" mean in business?

• The duty of business to maximize profits.

• The duty of business to contribute to the well-being of society.

• The duty of business to sell goods online.

• The duty of business to construct buildings.

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.8

What are economic goods?

• Physical objects that are useful, scarce, and transferable

• Human and natural resources

• Productive acts that satisfy economic wants

• A form of demand for products

What are economic services?

• Productive acts that are useful, scarce, and transferable

• Physical objects that are useful

• Human and natural resources

• A form of demand for products

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

• A form of demand for products

• An indication of how changes in price will affect demand

Tags

CCSS.L.9-10.4

CCSS.RI.9-10.4

What is excess demand?

• 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

• A form of demand for products

What is excess supply?

• The situation that exists when supply is greater than demand

• The situation that exists when demand is greater than supply

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

• A form of demand for products