ECONOMICS

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

The using up of a resource

• scarcity
• supply
• services
• consumption

A group of buyer and sellers of a particular good or service

• Supply
• Demand
• Agency
• Market

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

When an increase in consumer’s income leads to a decrease in quantity demanded of a commodity, income elasticity of demand is............?

•      indeterminable 

• positive

• constant

• negative

The type of demand that exist between Oral-B and Colgate is

• complementary

• derived

• composite

• competitive

Income elasticity of demand is negative for......

• normal goods

• complementary goods

• competitive goods

• inferior goods