WorksheetsBE 2.02 Quiz
Total questions: 15
Worksheet time: 8mins
What motivates businesses to produce efficiently and sell effectively?
Profit
Spending money
A gap between unlimited wants and limited resources creates
Resources
Scarcity
Seeing a movie at a theater would be considered a(n) ________ want.
Economic
Unlimited
The heart of economics is
Trade-offs
Decision-making
What are the three basic economic questions?
What products will be produced, how will products be produced, and how will products be allocated
Where will products be produced, when will products be produced, and what products
will be produced
Which one of the following groups of words best describes wants:
Limited, unchanging, and competing
Unlimited, changing, and competing
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating
Social responsibility
Wholesaling
Why are resources considered limited?
There are so many that people must decide which ones to choose at any one time.
There are not enough available for everyone to have as much of them as desired.
In economics, capital goods include
Buildings and equipment
Mental and physical work
_______refects the quantities that consumers are willing and able to buy at various prices during the same time period.
Supply
Demand
The "actual" price that prevails in a market at any particular moment is the
Market price
Equilibrium price
The best time for consumers to purchase products at reduced prices is when a(n)
Seller's Market
Buyer's Market
In business terms, what is profit?
A holiday bonus
A monetary reward
The concept that the supply of a good or service will increase when the demand is great and decrease when demand is low is known as the
Law of Supply and Demand
Law of Economic Resources
Into what two categories can wants be divided?
Economic and non-economic
Unlimited and limited
