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

Which of the following statements about wholesale trade businesses is true:

What do service businesses sell?

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

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

Businesses can show their social responsibility by contributing to

A socially responsible business will attempt to give customers

Social responsibility should be part of the objectives of __________ businesses.

A business that produces a product should be socially responsible to the __________ of the product.

The connection between the social responsibility of a business and the community in which the business operates is that the business’s social responsibility __________ the community.

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

When employees are working faster or better, they are increasing their

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

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

What motivates businesses to produce efficiently and sell effectively?

A gap between unlimited wants and limited resources creates

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

Which of the following statements about perfect competition is correct:

Which of the following represents a primary business activity?

Offering high quality, large assortments, and free shipping are examples of

When a business keeps a risk because management is unaware of it, the business is__________ the risk.

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

The heart of economics is

What are the three basic economic questions?

To use resources wisely, business owners must reduce

In business terms, what is profit?

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

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

Every business must accomplish which of the following:

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

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

The general classifications of business risks are

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

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

Malinda owns a home, and instead of living in it, she decides to rent it out to make more money. Which economic freedom does this illustrate?

The basic role of the United States government is to

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

Why are resources considered limited?

In economics, capital goods include

What reflects the quantities that consumers are willing and able to buy at various prices during the same time period?

The point at which the quantity of a good that buyers want to buy equals the quantity that sellers are willing to sell at a certain price is referred to as

The actual price that prevails in a market at any particular moment is the

.

The economic principle which states that the quantity of a good or service that

consumers will buy varies inversely with the price of the good or service is known as the

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

When the demand is so great that customers will buy regardless of high prices, a(n)____________market exists.

economy where most goods and services are offered by private companies.

The best time for consumers to purchase products at reduced prices is when a(n)

________________market exists.

where the government owns and offers all the goods and services.

Into what two categories can wants be divided?

Which of the following is the best reason for studying economics:

In our economy,___________

gets the goods or services that have been produced.

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

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

A team of employees is responsible for researching potential demand for a business’s brand-new product. The factor that is most likely to affect demand for this product is the

Which of the following is a factor affecting a product’s utility to the individual customer:

Which of the following determines whether consumers can purchase goods or services:

The price of complementary products has an effect on

For 20 years, Don owned a small grocery store. When several big box stores that sell groceries at discounted prices moved into the area, Don’s sales declined, and he had to close his business. Which of the factors that affect supply affected Don’s business?

A company that transforms cotton into wearable clothing is considered a

The two main divisions of the trade industry are

Retailing takes place whenever goods are

What do service businesses sell?

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

A socially responsible business will attempt to give customers

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

Which of the following is an industrial good:

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?

A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?

The money that a business spends

The possibility of loss from human error

A risk response strategy that involves choosing not to do something that is considered risky

The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell

Money left after the cost of goods expense and operating expense are each subtracted from the total income

Chances of loss that carry with them the possibility of loss or no loss

A risk response strategy that involves trying to reduce the chance of loss or the severity of loss

Monetary reward a business owner receives for taking the risk involved in investing in a business

If a business has a monthly income of $5000 with expenses totaling $3000, what is their profit?

The desire to make a profit, which moves people to invest in business