| Questions | Answers |
|---|---|
| economic law that states that consumers buy more of a good when its price decreases and less when its price increases | law of demand |
| ____ effect: when consumers react to an increase in a good’s price by substituting it with a similar product | substitution |
| when the price of a product gets higher, the producer supplies more | law of supply |
| too much demand, not enough supply | excess demand |
| too much supplied, not enough demanded | excess supply |
| the point at which quantity demanded and quantity supplied are balanced | equilibrium |
| a maximum price that can be legally charged for a good or service | price ceiling |
| a minimum price that an employer can pay a worker for an hour of labour | minimum wage |
| coins and paper bills used as money | currency |
| ___ money: objects that have value in themselves as well as for use as money | commodity |
| ___ money: money that has value because the government has ordered that it is an acceptable means to pay debts | fiat |
| ___ money: objects that have value because the holder can exchange them for something else of value | representative |
| a business owned and managed by a single individual | sole proprietorship |
| law in a city or town that designates separate areas for residency and for business | zoning law |
| a business organization owned by two or more persons who agree on a specific division of responsibilities and profits | partnership |
| a legal entity owned by individual stockholders | corporation |
| an income level below which income is insufficient to support families or households | poverty threshold |
| the percentage of people who live in households with incomes below the poverty threshold | poverty rate |
| a program requiring work in exchange for temporary assistance | workfare |
| ___ goods: two products that are used together | complimentary |
And here are some other online quizzes in the category 'Business and Finance':
191-200
Intro to Depository Institutions Vocabulary Quiz