2-1 Economic Concepts Business U Quiz

What are Capital Goods?

• Goods used by consumers for personal use

• Physical assets used to produce goods and services

• Services provided by the government

• Intangible assets like patents

1. The function to categorize, sort, and transport goods to all their final destinations as efficiently, inexpensively, and carefully as possible is called:

• Consumer

• Deflation

• Distribution

• Economizing

Who is a Consumer?

• A person who sells goods

• A person who produces goods

• One who actually uses the product or service

• A person who distributes goods

What does Consumption refer to?

• The production of goods

• The using of goods and services by people

• The distribution of goods

• The selling of goods

What is Deflation?

• Increase in the general level of prices

• Decrease in the general level of prices

• Stabilization of prices

• Fluctuation of prices

What is an Economic Good?

• A service with no value

• A good with no utility

• A good or service with value and utility

• A product that cannot be traded

Desire for goods, services or intangible items that can only be acquired by spending money – items like a car or a haircut is called:

• Trade-offs

• Opportunity Cost

• Economic Goods

• Economic Want

What does Economics study?

• The history of ancient civilizations

• The study of resources, production, and consumption

• The study of weather patterns

• The study of animal behavior

What is a trade-off?

• Gaining something without losing anything

• Choosing between two things that can’t be had at the same time

• Exchanging goods for money

• Selling goods at a discount

What is Inflation?

• Decrease in the general level of prices

• Increase in the general level of prices

• Stabilization of prices

• Fluctuation of prices