2.01 and 2.02 Modified Test Review

________________: the quantity of a good or service that buyers are ready to buy at a given price at a particular time.

• price

• supply

• demand

________________: a condition resulting from the gap between limited resources and unlimited wants for goods and services.

• human resources

• wants

• scarcity

________________: the amount of money paid for a good, service, or resource.

• distribution

• price

• elasticity

________________: the quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.

• 
  law of demand

• supply

• 
  inelastic demand

________________: a desire for something that is not required.

• 
  capital goods

• 
  want

• need

________________: a business that operates out of a physical facility (instead of online).

• retailer

• brick and mortar

• builders

________________: a business that buys consumer goods or services and sells them to the ultimate consumer.

• retailer

• brick and mortar

• builders

________________: retailers who operate solely online.

• 
  trade industries

• 
  e-tailers

• consumers

________________: people who use goods and services to satisfy their wants.

• trade industries

• e-tailers

• consumers

________________: a type of business that performs intangible activities that satisfy the needs and wants of consumers or industrial users.

• raw-goods producer

• e-tailer

• 
  service business