Exploring Business Question Preview (ID: 36679)


Mid-Term Review. TEACHERS: click here for quick copy question ID numbers.

Increases consumers' buying power
a) Deflation
b) Inflation
c)
d)

When government's revenue exceeds its expenditures
a) Taxes
b) Budget Deficit
c) Budget Surplus
d)

The level of material comfort as measured by the goods and services that are available.
a) Unemployment Rate
b) Rate of Inflation
c) GDP
d) Standard of Living

Is a point at which the quantity demanded and the supplied meet
a) Demand
b) Supply
c) Equilibrium Price
d)

The amount of quantity of goods and services the consumer are willing to buy at various prices
a) Demand
b) Supply
c) Economics
d)

The economic resources necessary to produce a society's goods and services
a) Economic Systems
b) Factors of production
c) Ressources
d)

Central authority makes key economic decisions
a) Command Economy
b) Mixed Economy
c) Market Economy
d)

Is an economic system in which economic decisions are made in the marketplace, individuals are responsible for being informed and making careful decisions and the price for an item is determined through the interactions of supply and demand
a) Depression
b) Command Economy
c) Standard of Living
d) Market Economy

Individuals who start and direct businesses to produces goods and services to satisfy needs or wants
a) entrepreneurial resources
b) capital resources
c) labor resources
d) natural resources

Raw materials from nature that are used to produce goods
a) entrepreneurial resources
b) natural resources
c) labor resources
d) capital resources

There are limited resources for satisfying unlimited wants and needs
a) capital resources
b) scarcity
c) labor resources
d) needs and wants

Main source of government income
a) GDP
b) Taxes
c) Unemployment
d)

Many people are out of work, and fewer goods and services are produced
a) Depression
b) Recession
c) Prosperity
d) Recovery

Businesses produce less
a) Recession
b) Recovery
c) Depression
d)

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