Business Studies and Economics: Key terms and definitions (:
Seven qustions to test your knowledge on some of the basic terms and definitions that you are expected to know....
- Created by: Yasmin
- Created on: 02-11-11 20:15
Other questions in this quiz
2. The Teritary Sector of production is where manufactured goods are sold to the customer?
- True
- False
3. What is Opportunity Cost?
- The value of the next best alternative
- Buy one get one free
- Having enough to not have to buy the next best alternative
- The highest quantity for the smallest amount of money
- The item we have to give up in order to get something else
4. What does the term 'Satisfaction' mean?
- Not having to settle for the next best alternative
- Knowing that you have go the best deal you possibly could have
- WHere a desire or want is furfilled
- The enjoyment recieved when consuming a product or service
- The worth of something replaced by the amount of money we are prepared to pay for it
5. Price insensitivity is when changing the price of something by a small amount only changes the demand slightly. True or False?
- True
- False
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