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Created by Grant Torpin
gtorpin@esu10.org
QUESTION 1
The basic economic problem is when our
_____________ and _____________ exceed
our limited resources
Answer -
wants / needs
QUESTION 2
This type of economy is when the
resources are owned by the people…not
the government
Answer - Capitalism
QUESTION 3
Produces are the ones who offer goods
and services to this group of people.
Answer - Consumers
QUESTION 4
The amount of goods and services a
consumer is willing and able to buy is known
as ___________.
Answer - Demand
QUESTION 5
What is the following chart representing?
Answer - A demand Curve
QUESTION 6
Give me an example of a supply curve.
Answer -
QUESTION 7
Two basic things that a business can offer are
services (things consumed as they are
produced) and _________ (physical things
your can touch and feel)
Answer - Goods
QUESTION 8
The price that a consumer pays is known as
the market price. How do you determine it?
Answer - It is the point where a
supply curve intersects with a demand
curve
QUESTION 9
The basic economic problem is that our
wants and _________ exceed our limited
resources.
Answer - Needs
QUESTION 10
What is the value of the next best
alternative that you did not choose?
Answer - Opportunity Cost
QUESTION 11
Who are the individuals that determine
what will be for sale in an economy?
Answer -
Producers
QUESTION 12
What is the result of the basic economic
problem?
Answer - Scarcity
QUESTION 13
Activities that are consumed at the same
time that they are produced are what?
Answer - Services
QUESTION 14
The amount of goods or services available to
consumers are ___________ and it is set by
_____________
Answer - Supply
Producers
QUESTION 15
Things that are not necessary to live with and
that add pleasure and comfort to your life is
what?
Answer - wants
QUESTION 16
What is a decrease in the general price of
things?
Answer - Deflation
QUESTION 17
a phase in the business cycle marked by long
periods of high unemployment, weak sales,
and business failure
Answer - Depression
QUESTION 18
What is the total dollar value of all final
goods and service produced in a country
during one year
Answer - GDP
QUESTION 19
What is an increase in the general level
of prices?
Answer - Inflation
QUESTION 20
This is a number that compares prices in
one year with some earlier base year
Answer - Price Index
QUESTION 21
What is the production output in relation to a
certain input?
Ex – one machine produces 10 items per hour
Answer - Productivity
QUESTION 22
What is the peak of the business cycle?
Answer - Prosperity
QUESTION 23
The phase of the business cycle where
demand begins to decrease, business lowers
production, unemployment rises
Answer - Recession
QUESTION 24
This is the phase of the business cycle where
unemployment decreases, demand and GDP
rises
Answer - Recovery
QUESTION 25
The portion of the labor force currently not
working is know as what?
Answer - Unemployment Rate
QUESTION 26
The difference between the amount of
money that comes into a country and the
amount that goes out what?
Answer -
Balance of Payment
QUESTION 27
What is the difference between a country's total
export and total imports?
Answer - Balance of Trade
QUESTION 28
This trade restriction stops imports and
exports completely.
Answer - Embargo
QUESTION 29
Exports are produced in one country and
then _________________
Answer - sold to others/ traded to others
QUESTION 30
Goods and services that are bought from
other countries are ____________
Answer - Imports
QUESTION 31
What are two or more businesses operating
together for a limited time for a specific
project?
Answer - Joint Venture
QUESTION 32
What is a trade barrier that only allows a
certain amount of imports or exports?
Answer - Quota
QUESTION 33
When the government sets a certain tax on
imports and exports to discourage trade they
are setting a ________________.
Answer - Tariff
QUESTION 34
Trade barriers are ______________ to
free trade.
Answer - Restrictions
QUESTION 35
Setting anti-trust laws will prevent
________________ and encourage
________________
Answer - Monopolies / Competition
QUESTION 36
Following these will help determine how a
business and their employees will behave.
Answer - Business Ethics
QUESTION 37
What is a legally binding agreement between
two people?
Answer -
A Contract
QUESTION 38
A copyright will protect someone's creative work
for their entire life plus _______ years.
Answer - 70 years
QUESTION 39
Describe competition when a monopoly
is present.
Answer - There is none
QUESTION 40
The exclusive right of an inventor to make,
sell, and use a product or process is what?
Answer - Patent
QUESTION 41
What is a distinctive name, symbol, word,
picture that a company uses to identify
products or services?
Answer - Trademark
QUESTION 42
This document defines the business
Answer - Articles of Incorporation
QUESTION 43
When a business that sells stocks and is ran
by a board is what?
Answer - A Corporation
QUESTION 44
A business that pays a fee to get permission to
operate and sell products or services in a
specific way is a __________.
Answer - Franchise
QUESTION 45
An exact statement of results that a business
wants to achieve is a ___________
Answer - Goal
QUESTION 46
This type of business sells goods and
services of producers to businesses and
individuals
Answer - Intermediaries
QUESTION 47
A short written statement that explains the
purpose of the business and what it wants to
achieve
Answer - Mission Statement
QUESTION 48
A diagram that lays out the structure of a
business including who is in charge of who.
Answer - Organization Chart
QUESTION 49
When a business is owned by more than
one person it is a ___________
Answer - Partnership
QUESTION 50
When a partnership is formed this written
agreement is developed between the owners.
Answer - partnership agreement
QUESTION 51
A business with only one owner is a
____________
Answer - Proprietorship
QUESTION 52
Guidelines are used to make consistent
decisions.
Answer - Policies
QUESTION 53
What are steps to be followed to perform a
particular work activity?
Answer - Procedures
QUESTION 54
A business that carries out activities that are
consumed by its customers
Answer - Service Business
QUESTION 55
This document is often used to secure a
loan from a bank.
Answer - Business Plan
QUESTION 56
Starting, organizing, managing, and assuming
the responsibility for a business is all a part of
what?
Answer - Entrepreneurship
QUESTION 57
What is an invention that is a brand new
idea?
Answer - Innovation
QUESTION 58
An option for entrepreneurs to add or change
an existing product
Answer - Improvement
QUESTION 59
What type of financing is used for expenses
that will be a resource for businesses for many
years
Answer - Long-Term Financing
QUESTION 60
When a business uses money for current
operating expenses they use this type of
financing
Answer - Short-Term Financing
QUESTION 61
What does the SBA stand for and do?
Answer - Small Business Association
….helps small businesses
QUESTION 62
When a venture capitalist think a new business
or idea will be successful they provide money
and become investors. What is this money
known as?
Answer - venture capital
QUESTION 63
A leader that is appointed and defined in
the organizational structure uses this
Answer - Formal Influence
QUESTION 64
The way people get along with each other is
_________________
Answer - Human Relations
QUESTION 65
A manager's effort to direct and lead people
to accomplish the planned work of the
organization
Answer - Implementing
QUESTION 66
When you affect the action of others you
______________ them
Answer - Influence
QUESTION 67
A leader that is appointed by his peers
uses this type of influence
Answer - Informal Influence
QUESTION 68
The ability to motivate individuals and groups to
accomplish important goals
Answer - Leadership
QUESTION 69
the process of accomplishing the goals of an
organization through the effective use of
people and other resources
Answer - Management
QUESTION 70
This determines how a manager will deal with
employees.
Answer - Management Style
or policy
QUESTION 71
The function of identifying and arranging the
work and resources needed to achieve the
goals of a business
Answer - Organizing
QUESTION 72
Analyzing information, setting goals, and
determining what needs to be done is what?
Answer - Planning
QUESTION 73
Obtaining, preparing, and compensating the
employees of a business falls under what duty
of a manager?
Answer - Staffing
QUESTION 74
Money coming into a business is what?
Answer - Revenue
QUESTION 75
When more money is coming into the
business than leaving the business, the
business will have a _________
Answer - Profit
QUESTION 76
What term describes a situation where more
money is leaving the businesses (expenses) than
there is coming in (revenue)?
Answer - Loss
QUESTION 77
A plan of how you will deal with the financial
needs of a business, individual, or family is
what?
Answer - A budget
QUESTION 78
Things of value that a business owns are
what?
Answer - Assets
QUESTION 79
The amount of money a business owes
to others is known as what?
Answer - Liabilities
QUESTION 80
The owners financial ties to a business is what?
Answer - Owner’s Equity