Business Essentials 2.02
Quiz by Jeanette Clark
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- Q1
Manufactured or constructed items that are used in the production of goods and services
factors of production
capital goods
law of supply
law of demand
30s - Q2
Products produced for personal consumption
consumer goods and services
consumption
elasticity
industrial goods and services
30s - Q3
The economic process or activity of using goods and services
elastic demand
demand
consumption
consumer goods and services
30s - Q4
The quantity of a good or service that buyers are ready to buy at a given price at a particular time
law of supply
elastic demand
demand
economic services
30s - Q5
The economic process or activity by which income is divided among resource owners and producers
scarcity
price
distribution
economics
30s - Q6
Physical objects that are useful, scarce, and transferable and which satisfy economic wants
elasticity
economic goods
factors of production
inelastic demand
30s - Q7
The human and natural resources and capital goods used to produce goods and services
human resources
opportunity cost
excess supply
economic resources
30s - Q8
Productive acts that are useful, scarce, and transferable and which satisfy economic wants
equilibrium
excess supply
economic services
consumption
30s - Q9
A desire for something that can only be satisfied by spending money
industrial goods and services
economic want
excess supply
opportunity cost
30s - Q10
The study of how to meet unlimited, competing wants with limited resources
production
economics
price
demand
30s - Q11
A form of demand for products in which changes in price correspond to changes in demand
consumption
supply
economic goods
elastic demand
30s - Q12
An indication of how changes in price will affect changes in the amounts demanded and supplied
elastic demand
law of supply
elasticity
consumer goods and services
30s - Q13
The point at which the quantity supplied is equal to the quantity demanded
opportunity cost
consumption
equilibrium
production
30s - Q14
The situation that exists when demand is greater than supply
economic goods
economic resources
human resources
excess demand
30s - Q15
The situation that exists when supply is greater than demand
excess supply
price
supply
elasticity
30s