Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a

The two main divisions of the trade industry are

One way in which many businesses demonstrate their social responsibility toward employees is by providing them with

One way in which a business can show its social responsibility is by __________ its profits.

What do service businesses sell?

Burger King and McDonald’s are examples of

An electronics store charges less for a new television than other electronics stores. The store is engaging in __________ competition.

If a consumer chooses to go to the movies rather than to a pizza parlor, then the movie theater and the pizza parlor are

What type of market structure is most commonly found in a private enterprise economy?

In many places, trash pickup is legally controlled by just one company. This is known as

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of

A characteristic of human wants is that they are

If a good or service is scarce, consumers will usually be

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.

Which of the following is an industrial good:

George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher?

Sugar and flour that are purchased to make baked goods are classified as

What is one factor that will determine how much a customer is willing to pay for a good or service?

How do producers answer the economic question of what to produce in a market economy?

Determine a product’s equilibrium price by examining the following table:

Price Units Produced Units Demanded

$11.00 12,000 18,000

$11.50 14,000 16,000

$12.00 15,000 15,000

$12.50 17,000 13,000

Prices set higher than the equilibrium price will result in

Which of the following is an example of the substitution effect:

When demand is greater than supply, a __________ often develops.

The general classifications of business risks are

A union strike that stops production at a manufacturing plant is a(n) __________ risk.

When a rival’s product on the market reduces sales of your company’s product, your company is experiencing strategic risk caused by

Which of the following is a pure business risk:

Carefully selecting goods or services to sell is an example of handling business risks by __________ the risk.

Businesses can protect themselves from the risk associated with lost shipments by

Alex owns a guitar, several books, and a telescope. Alex’s possessions are examples of

                In a private enterprise economic system, consumers can choose from a variety of products as a result of

The economic basis for the private enterprise economic system is

One of the differences between private enterprise and other types of economic systems is that in other systems, workers

For which of the following do workers compete in a private enterprise system:

One of the benefits of economic freedom is that it provides individuals with

Using a stream to supply water for crops is an example of using

Which of the following statements regarding economic resources is true:

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is

The state of technology that exists in a society can limit

When a stove is used in a restaurant kitchen, it is a

A salesclerk working part-time at a clothing store is an example of a(n)

In business terms, what is profit?

The amount of money paid for raw materials and products sold is called

Which activities are likely to increase a firm’s profit?

Which of the factors that affect profit are usually able to be controlled?

If no profit is generated for an extended period, a business must

Business owners are usually interested in net profit because they want to know what they can

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of

Your business is selling more and more large-screen televisions each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these televisions over the next few months?

When the price of Bluetooth speakers increases, the quantity of Bluetooth speakers offered for sale will increase. This is an example of the law of

Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?

Which of the following might cause supply of a good to decrease:

Orlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando’s product is

Into what two categories can wants be divided?

Which one of the following groups of words best describes wants:

Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is

John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?

The heart of economics is

The ultimate goal of all economic activity is

Which of the following types of economic systems adopts the fewest new ideas or improvements:

The most common medium of exchange in modern economic systems is

A major problem for individuals and private businesses in a socialist command economy is

Communist command economies are most likely to experience which of the following problems:

In a communist command economy, who decides how the economic questions will be answered?

What type of economic system is used in the United States?