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1-2
1-3
1-4
Miscellaneous
100
Your personal desire
What is Want
100
The choice of one item while giving up another
What is Trade-off
100
The amount of goods/services consumer want to buy at any point in time
What is Demand
100
As competition increases, prices a.Usually increases as well b.Are not affected so will usually not change c.Usually will decrease d.There is no way to predict what will happen to the prices
What is a.Usually increases as well
100
Laying out money or capital in an enterprise with the expectation of profit
What is Investors
200
Something you need to survive
What is Need
200
True or False. The basic economic problem is that consumers have too many products and services to choose from
What is False
200
Using money to purchase goods and services
What is Spending
200
The amount of goods/services available at any point in time
What is Supply
200
The decision-making process is the best to use when a.You already know the choice you will make b.You have adequate time to identify and analyze several choices c.Groups rather than individuals are making a choice d.You don’t have enough money to pay for any of the choices
What is b.You have adequate time to identify and analyze several choices
300
True or False. It is not always easy to determine the products and services that are needs and those that are wants
What is True
300
The highest-valued alternative that must be given up when a choice is made
What is Opportunity Cost
300
In which of the following economic systems is the government’s role most limited? a.Mixed b.Traditional c.Market d.Communism
What is c.Market
300
True or false. Both individuals and organizations can be producers.
What is True
300
Exchanges the uncertainty of a possible large financial loss for a certain smaller payment.
What is Insurance
400
Which of the following would an economist most likely classify as a need? a.Gasoline b.A high school diploma c.A television d.A part-time job to earn extra money
What is a.Gasoline
400
6 John has two hours before having to go to his part time job. He is deciding between studying for a math exam and taking a nap. If john chooses to take a nap, the opportunity cost of his decision is a.The rest he is getting b.The score he will earn on the math exam pg.14 c.The wages from his part-time job d.All of the above
What is b The score he will earn on the math exam
400
The primary reason business owners make investments and take risks is to a.Make a profit b.Satisfy customer needs c.Develop new Products d.Make their own decisions
What is a.Make a profit
400
True or false. Supply is the quantity of a good or service that a consumer is willing and able to buy at a particular price.
What is False
400
Person who owns the business
What is Owner
500
The company that transfers the food product from manufacturer to seller
What is Distributer
500
Comes from a plant or animal souce; proof not required by law
What is Natural
500
Which of the following addresses the economic question of how to produce? a.Growing b.Requiring individuals to work in a particular career c.Producing more capital goods and fewer consumer products d.Selling natural resources to other countries
What is b.Requiring individuals to work in a particular career
500
The amount foods goods/services an employee produces
What is Productivity
500
The possibility of incuring a loss
What is Risk
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