Page 2 - Statistics

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General Stats

This quiz has been taken 1 time
The average score is 28 of 28

Answer Stats

Hint	Answer	% Correct
Desire which requires a purchase of a good or a service to satisfy	Economic Want	100%
System by which a nation decides how to use its resources to produce and distribute goods and services	Economy	100%
Describes a situation in which a change in the price of a product creates a change in the demand	Elastic Demand	100%
A ban on all international trade with a specific country	Embargo	100%
The condition that exists when the amount of a product supplied is equal to the demand	Equilibrium Price	100%
Assets and liabilities a person leaves when he/she dies	Estate	100%
Price for which the currency of one country can be traded for the currency of another	Exchange Rate	100%
Entity designated in a will to carry out the wishes and instructions of the will maker by controlling and distributing assets	Executor	100%
Money spent in an organization's efforts to generate revenue	Expenses	100%
Good or service sold to other countries	Export	100%
Periodic cost that remains unchanged regardless of output level or sales revenue	Fixed Cost	100%
A grant or right to sell a parent company's product or service within a given area	Franchise	100%
The growth in movement across national borders--as people, ideas, products, services, and capital become interconnected	Globalization	100%
Value of a country's overall output of goods and services	Gross Domestic Product	100%
Total earnings a person or business receives before paying for taxes and other deductions	Gross Income	100%
The people who work for a company/organization; the department responsible for managing matters related to employees	Human Resources	100%
Good or service bought from another country	Import	100%
The flow of cash or cash equivalents received in exchange for work	Income	100%
A financial report that shows a business's revenue and expenses over a period of time	Income Statement	100%
Tangible product purchased for use by a business	Industrial Good	100%
Describes a situation in which a change in the price of a product has very little or no impact on the demand	Inelastic Demand	100%
Economic situation where prices increase faster than the value of the goods and services	Inflation	100%
The physical development of a country, i.e. roads, ports, and communication abilities	Infrastructure	100%
Annual cost of credit computed as a percentage	Interest Rate	100%
Pledging money into securities in order to increase personal or business income	Investing	100%
The process of developing, promoting, and distributing products to satisfy customer needs and wants	Marketing	100%
Combining of two or more entities into one, through purchase acquisition or pooling of interests	Merger	100%
Exclusive control over a product or the means of producing it	Monopoly	100%

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