NEW
Font size
Worksheets5.01-5.04
Total questions: 20
Worksheet time: 10mins
Everyone must choose which wants to satisfy at any one time because resources are limited. We don't have enough resources to satisfy all needs at the same time.
Unlimited
Competing
Changeable
All of the manufactured or constructed items that are used to produce goods and services.
Human resources
Capital goods
Natural resources
A condition resulting from the gap between unlimited wants for goods and services and limited resources.
Economizing
Trade offs
Secretly
Economics
Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer.
Task utility
Form utility
Place utility
Time utility
A form of demand for products in which changes in price correspond to changes in demand.
Inelastic demand
Elasticity
Elastic demand
Three economic questions
what to produce, when to produce, for whom to produce
how to produce, when to produce, for whom to produce
what to produce, how to produce, for whom to produce
The money received by resource owners and by producers for supplying goods and services to customers.
Expenses
Income
Cost of goods
Profit
The possibility of loss to a business without any possibility of gain.
Pure risk
Business risk
Natural risk
Economic risk
Difference between sales income and the direct costs of making these products.
Operating expenses
Gross profit
Net profit
Profit
Who decides what to produce in a mixed economy?
Government
Businesses
Consumers
Producers
Corporation leadership core mission aligns to their actions.
Legal responsibility
Philanthropic responsibility
Ethical responsibility
Economic responsibility
Companies need to make sure that the company itself is profitable.
Legal responsibility
Ethical responsibility
Economic responsibility
Philanthropic responsibility
Requirements placed on company by law.
Philanthropic responsibility
Economic responsibility
Legal responsibility
Ethical responsibility
Going above and beyond ethical responsibility making an effort to benefit society.
Legal responsibility
Philanthropic responsibility
Ethical responsibility
Economic responsibility
A business that buys consumer goods or services and sells them to the ultimate consumer.
Wholesalers
Trade industries
Retailers
Manufacturers
Which is not a major category of GDP?
Government spending
Business spending
Individual spending
Consumer spending
A bond is sold by...?
Producers
Government
Consumers
Retailers
What is the safest type of investment
The bond market
Government bonds
GDP per capita is...?
income in government
income per person
Frequently used measurement to determine a country's economic output.
cm
inches
GDP
mm
