Business Concepts and Leadership Final Exam

Suppliers often charge higher prices when demand is low.

Suppliers often charge higher prices when demand is low.

Resources are unlimited

A new iphone is considered a want.

Raw materials supplied by nature are called capital resources.

Timing does not influence supply and demand.

A surplus means you have less of something.

If you traveled to England, the value of the U.S. dollar could be less.

The basic economic problem results from scarcity.

The benefits of socially responsible actions outweigh the costs.