Business Essentials 2.02

Quantity means

• best item
• the amount

What is the best example of scarcity

• The restuarant is not crowded tonight 
• The school parking lot only has 150 spaces but 200 students want to park there
• There are 500 houses in the subdivision and 250 of them are occupied
• A person decided to dye her hair blonde instead of red

House: Goods or Service?

• Goods
• Service

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

• Comparative Advantage

• Equilibrium Point

• Income Effect

• Opportunity Cost

You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?

• $10
• $90
• $100
• $110

Something we pay for that we can touch

• goods
• services

How much people want something

• supply
• demand

Doctor: Goods or Service?

• Goods
• Service

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

A person who purchases a good or service

• consumer

• taxes

• supply

• good