Economics 101
Opportunity/Idea
Economics 101
Opportunity/Idea
Misc.
100

The Business cycle consists of recession, recovery, growth, and decline.

True

100

An idea that can generate income, requiring a commitment of resources and involves exposure to risk is known as ______________. 

Opportunity

100

The point at which supply meets demand is known as ___________.

Equilibrium Point

100

A concept developed by the mind.

Idea

100

A market situation where there are a few competing firms is known as a monopoly.

False


200

The gap between limited resources and unlimited wants is known as ______________.

Scarcity

200

An advantage that is gained from the use or consumption of a good or service.

Benefit

200

 The study of the economy with a large scope. Looking at regional, national and global units.

Macro-Economics


200

 A good idea may not be an opportunity due to bad timing.

True

200

Which popular type of restaurant establishment started in Rhode Island?

Diners


300

The study of production, distribution, and consumption of goods and services.

Economics

300

Specific attributes that make something one of a kind are referred to as _____________.

Unique

300

The quantity or how much the market can provide is known as ______________.

Supply

300

The act of exploring, investigating, and examining unknown markets for opportunities is known as________.

Exploration

300

What popular facial hairstyle was popularized by RI governor and war general?

Side Burns

Ambrose Burnside

400

All of the following are examples of macro-economic principles except:

Price


400

An intangible product can be touched.

False

400

The change in consumer demand as a result of a change in a good or service’s price.

Price Elasticity

400

The fulfillment of one’s expectations or needs is known as ___________.

satisfaction
400

Name two of the Investors on Shark Tank

Mark Cuban

Kevin O'Leary

Lori Greiner

Daymond John

500

 ___________ is the value of all goods and services produced in a country in a specific period of time.

Gross Domestic Product (GDP)

500

Appropriate to the current time, period, or circumstances.

Relevant

500

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

500

A business activity that yields a profit or financial gain is known as being ______________.

Profitable


500

Name the 4 members of the Beatles.

John Lennon

Paul McCartney

Ringo Starr

George Harrison