, Business - economics II of IX pages
Circle the letter of the Definition that corresponds to the displayed Term.
1. Factors of Production
A The inputs that are used in the production of goods or services in the attempt to make an economic
B: Many Buyers and Sellers. Few if Any Barriers to Exit or Entry. Homogeneous Products. Marginal Cost
C: When the consumers want more of a product or when the seller buys too much.
D: Gross national product (GNP) less allowances for capital consumption.
2. State Revenues
A: An elevated level of unemployment that is expected to occur at certain parts of the year.
B: indirect costs or overheads are business expenses that are not dependent on the level of goods or
C obtain the largest portion of tax revenues from property taxes and sales and gross receipts taxes.
D: if countries specialize in producing goods where they have a lower opportunity cost – then there will be
3. Structural Unemployment
A: (Excess demand), when the demand for a product or service exceeds it's supply in the market.
B: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
C: Every resource is optimally allocated to serve each person in the best way while minimizing waste and
D A longer-lasting form of unemployment caused by fundamental shifts in an economy. (Lack job skill)
4. Strong Dollars
A: One firm tries to distinguish its product or service from competing products on the basis of attributes
B U.S. dollar has risen to a level against another currency that is near historically high exchange rates for
C: (Excess demand), when the demand for a product or service exceeds it's supply in the market.
D: The fundamental economic problem of having seemingly unlimited human wants in a world of limited
5. Scarcity
A: 1. What will be produced? 2. How will the goods and services be produced? 3. Who will get goods and
B The fundamental economic problem of having seemingly unlimited human wants in a world of limited
C: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
D: The quantity of commodity that producers are willing to sell at a particular price at a particular point of
6. Weak Dollars
A U.S. dollar can exchange for fewer due to changes in the interest rate and outlook on the U.S.
B: indirect costs or overheads are business expenses that are not dependent on the level of goods or
C: progressive: on average, households with higher incomes pay a larger share of their income.
D: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
Business - 2024/25 2024/2025 Edition
Circle the letter of the Definition that corresponds to the displayed Term.
1. Factors of Production
A The inputs that are used in the production of goods or services in the attempt to make an economic
B: Many Buyers and Sellers. Few if Any Barriers to Exit or Entry. Homogeneous Products. Marginal Cost
C: When the consumers want more of a product or when the seller buys too much.
D: Gross national product (GNP) less allowances for capital consumption.
2. State Revenues
A: An elevated level of unemployment that is expected to occur at certain parts of the year.
B: indirect costs or overheads are business expenses that are not dependent on the level of goods or
C obtain the largest portion of tax revenues from property taxes and sales and gross receipts taxes.
D: if countries specialize in producing goods where they have a lower opportunity cost – then there will be
3. Structural Unemployment
A: (Excess demand), when the demand for a product or service exceeds it's supply in the market.
B: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
C: Every resource is optimally allocated to serve each person in the best way while minimizing waste and
D A longer-lasting form of unemployment caused by fundamental shifts in an economy. (Lack job skill)
4. Strong Dollars
A: One firm tries to distinguish its product or service from competing products on the basis of attributes
B U.S. dollar has risen to a level against another currency that is near historically high exchange rates for
C: (Excess demand), when the demand for a product or service exceeds it's supply in the market.
D: The fundamental economic problem of having seemingly unlimited human wants in a world of limited
5. Scarcity
A: 1. What will be produced? 2. How will the goods and services be produced? 3. Who will get goods and
B The fundamental economic problem of having seemingly unlimited human wants in a world of limited
C: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
D: The quantity of commodity that producers are willing to sell at a particular price at a particular point of
6. Weak Dollars
A U.S. dollar can exchange for fewer due to changes in the interest rate and outlook on the U.S.
B: indirect costs or overheads are business expenses that are not dependent on the level of goods or
C: progressive: on average, households with higher incomes pay a larger share of their income.
D: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
Business - 2024/25 2024/2025 Edition
