Farms, mines, and lumber companies are examples of

A company that transforms cotton into wearable clothing is considered a

Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?

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

Business in trade industries that offer discount prices usually offer

What do service businesses sell?

Business can show their social responsibility by contributing to

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

A characteristic of human wants is that they are

Which of the following is an example of an economic want

An example of a noneconomic want would be the desire for

An economic good or service that is scarce is one that is

Which of the following is an industrial good:

What determines whether an economic product is an industrial product or a consumer product?

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?

Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n)____product.

How would a business's computers be classified?

Into what two categories can wants be divided?

Seeing a movie at a theater would be considered a(n) __________ want.

Friendship would be considered a(n) __________ want.

Water and air are examples of __________ resources, while people are considered to be __________ resources.

In economics, capital goods include

Why are resources considered limited?

A gap between unlimited wants and limited resources creates

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

For consumption to occur, goods and services must be

What do consumers, producers, and the owners of resources do with money payments to create a flow of resources, goods, services, and money payments?

Consumers are typically most willing to pay more for goods and services that bring them greater

Two factors involved in determining the value of a resource, good, or service are

A producer is someone who

In business terms, what is profit?

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

Gross profit shows business owners the difference between what they’ve

Which of the following is a situation in which people are out of work and can’t afford “extra” purchases:

A popular product is said to be

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

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

People who go into business know that the business may not succeed. This possibility is referred to as business

The general classifications of business risks are

What category of business risk includes production problems and incompetent employees?

Having well-planned buildings and providing effective employee training are ways that a business can __________ business risks.

Management decides to hold its annual meeting in one U.S. city rather than another because of crime in that city. This is an example of __________ the risk.

If a risk is small in terms of money, a business may decide to __________ the risk.

Requiring a contractor to purchase a surety bond is an example of handling business risk by __________ the risk.

Burger King and McDonald’s are examples of

A business that advertises a special sale as well as its delivery service is using a combination of __________ competition

Which of the following are qualities of monopolies:

Which of the following pieces of legislation prevents monopolies from forming and hinders price fixing:

Because of competition, people in our society enjoy

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

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

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

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

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

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

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