FREE AND STUDY GAMES ABOUT BE 2.02 EXAM

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FREE AND STUDY GAMES ABOUT BE 2.02 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -33 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Economic want:

Answer:

A desire for something that can only be satisfied by spending money.Question 2: Economic resources:

Answer:

The human and natural resources and capital goods used to produce goods and services.Question 3: Excess supply:

Answer:

The situation that exists when supply is greater than demand.Question 4: Exchange:

Answer:

The economic process of trading one good/service for another.

Question 5: Industrial goods and services:

Answer:

Products purchased by producers for resale, to make other goods and services, and/or to use in business operations.Question 6: Price:

Answer:

The amount of money paid for a good, service, or resource.Question 7: Opportunity cost:

Answer:

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another.Question 8: Demand:

Answer:

The quantity of a good or service that buyers are ready to buy at a given price at a particular time.Question 9: Trade-off:

Answer:

Giving up all or a part of one thing in order to get something else.Question 10: Law of supply:

Answer:

Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.Question 11: Elasticity:

Answer:

An indication of how changes in price will affect changes in the amounts demanded and supplied.Question 12: Want:

Answer:

A desire for something that is not required.

Question 13: Human resources:

Answer:

People who work to produce goods and services.Question 14: Excess demand:

Answer:

The situation that exists when demand is greater than supply.Question 15: Inelastic demand:

Answer:

A form of demand in which changes in price do not affect demand.Question 16: Consumer goods and services:

Answer:

Products produced for personal consumption.Question 17: Need:

Answer:

Something required or essential that is lacking.Question 18: Distribution:

Answer:

The economic process or activity by which income is divided among resource owners and producers.Question 19: Law of demand:

Answer:

Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.Question 20: Equilibrium:

Answer:

The point at which the quantity supplied is equal to the quantity demanded.

Question 21: Supply:

Answer:

The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.Question 22: Consumption:

Answer:

The process or activity of using goods and services; the economic process or activity of using goods and services.Question 23: Economic goods:

Answer:

Physical objects that are useful, scarce, and transferable and which satisfy economic wants.Question 24: Law of supply and demand:

Answer:

Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low.Question 25: Natural resources:

Answer:

Items found in nature that are used to produce goods and services.Question 26: Factors of production:

Answer:

Productive resources; human and natural resources and capital goods.Question 27: Economic services:

Answer:

Productive acts that are useful, scarce, and transferable and which satisfy economic wants.