Economics 101
The Business cycle consists of recession, recovery, growth, and decline.
True
An idea that can generate income, requiring a commitment of resources and involves exposure to risk is known as ______________.
Opportunity
The point at which supply meets demand is known as ___________.
Equilibrium Point
A concept developed by the mind.
Idea
A market situation where there are a few competing firms is known as a monopoly.
False
The gap between limited resources and unlimited wants is known as ______________.
Scarcity
An advantage that is gained from the use or consumption of a good or service.
Benefit
The study of the economy with a large scope. Looking at regional, national and global units.
Macro-Economics
A good idea may not be an opportunity due to bad timing.
True
Which popular type of restaurant establishment started in Rhode Island?
Diners
The study of production, distribution, and consumption of goods and services.
Economics
Specific attributes that make something one of a kind are referred to as _____________.
Unique
The quantity or how much the market can provide is known as ______________.
Supply
The act of exploring, investigating, and examining unknown markets for opportunities is known as________.
Exploration
What popular facial hairstyle was popularized by RI governor and war general?
Side Burns
Ambrose Burnside
All of the following are examples of macro-economic principles except:
Price
An intangible product can be touched.
False
The change in consumer demand as a result of a change in a good or service’s price.
Price Elasticity
The fulfillment of one’s expectations or needs is known as ___________.
Name two of the Investors on Shark Tank
Mark Cuban
Kevin O'Leary
Lori Greiner
Daymond John
___________ is the value of all goods and services produced in a country in a specific period of time.
Gross Domestic Product (GDP)
Appropriate to the current time, period, or circumstances.
Relevant
The cost per unit will be reduced when the total output of the product is increased.
A. Market
B. Business Cycle
C. GDP
D. Economies of Scale
Economies of Scale
A business activity that yields a profit or financial gain is known as being ______________.
Profitable
Name the 4 members of the Beatles.
John Lennon
Paul McCartney
Ringo Starr
George Harrison