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

Determine whether the following statement is true or false: Trade industries all have the same form of ownership.

Which of the following describes the services offered by trade industries:

Businesses in trade industries that offer discount prices usually offer

Retailing takes place whenever goods are

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. Which of the following describes the quantity that Marcy is prepared to buy:

Jeremy has $15,000 to spend on a new car. He found a car that cost $14,500, but he did not think the car was worth more than $12,000. The dealer told Jeremy that he has not been able to sell this model because other customers have expressed the same opinion as Jeremy. Does demand for this car exist?

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is

When the price of DVD players increases, the quantity of DVD players offered for sale will

increase. This is an example of the law 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?

A local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?

Which of the following is characteristic of a seller’s market:

Marc wants to figure out how much changes in price will affect his business’s sales, so he pays attention to

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

Demand for a good is more likely to be elastic when the good is

1. Into what two categories can wants be divided?

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

Friendship would be considered a(n) __________ want.

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

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

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?

Resources that enable businesses to operate are also known as

Which of the following statements regarding economic resources is true:

When producers use the best combination of resources, consumers are more likely to get goods and services that

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

Which of the following economic resources helps people to be more productive:

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

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

Which of the following occurs when the supply of individuals who are able and willing to work diminishes:

Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in

The state of technology that exists in a society can limit

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

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

Which of the following is a characteristic of economic services:

“Economic votes” are cast by consumers each time they

Producers respond to consumers’ positive economic votes by

A student purchased a laptop to use for homework assignments. In economic terms, this

computer would be classified as a(n) __________ good.

Each day, a restaurant sends its used linens to a laundry to be cleaned and pressed. In

economic terms, the laundry service would be classified as a(n) __________ service.

Which of the following items is found in all economic systems:

The most common medium of exchange in modern economic systems is

One of the reasons that a country needs an economic system is because it

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

improvements:

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy.

Government owns the basic means of production, but there is some private ownership of

businesses under

Individuals and businesses own the means of production and distribution with limited

government regulation in a __________ economy.

An example of a country that has a socialist command economy is

Which of the following cultures has a traditional economic system:

A country that currently has a communist command economic system is

Every society must develop a system for deciding how it will use its resources so that it can

Who answers the basic economic questions in a private enterprise economic system?

One of the results of freedom in the marketplace is that

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

Which of the following is a benefit of the freedom to own private property:

Which of the following statements best describes the way that the U.S. economic system

functions:

The basic role of the United States government is to

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

The private enterprise economic system is often described as a(n)

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

A hurricane that destroys a business is an example of a(n) _______ risk.

A garden store customer tripped over a plant, fell, and sued the store for damages. This is an example of a(n) __________ risk.

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

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

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

Financial loss from investing time and money to comply with accounting standards is an example of which strategic risk:

Which of the following is a pure business risk:

Which of the following is an example of a business risk that cannot be covered by insurance:

Which of the following is one of the main principles of the private enterprise system:

Burger King and McDonald’s are examples of

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

Most businesses put their greatest competitive efforts into competing

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

When Maura purchased a new car, she was able to get part of the purchase price back from the car’s manufacturer. The car’s manufacturer engaged in

Offering high quality, large assortments, and free shipping 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 statements about perfect competition is correct:

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

In business terms, what is profit?

If expenses are greater than income, there’s no

In business terms, income is the money

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

The money spent to run a business is called

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

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

Besides motivation, what does profit provide business owners in particular?

Which of the following is a general benefit profit provides:

Each purchase strengthens the economy by encouraging