Business
One way in which many businesses demonstrate their social responsibility toward employees is by providing them with
A safe working environment
Changing a good's form involves which of the following
Adding a new feature to the good
Jake wanted to run his own business but was unsure that he had adequate business skills to be successful. Which type of business would give Jake the help he needs
Business-format franchise
n economics, the term capital goods includes
Buildings and equipmen
When marketers provide information about an available product, consumers are more likely to
Buy the product.
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good
Consumer
The ultimate goal of all economic activity is
Consumption
Which of the following is a potential problem in market economies
Financial loss.
Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of
Franchising
In a communist command economy who decides how the economic questions will be answered
Government.
The way in which an economic system answers the basic economic questions depends upon the country's
Government.
Producers respond to consumers' positive economic votes by
Increasing production
Using a stream to supply water to a field in order to grow crops is an example of using
Natural resources
Government owns the basic means of production but there is some private ownership of businesses under
Socialism.
Retailing takes place whenever goods are
Sold to the ultimate consume
Lack of economic growth is a major problem for __________ economic systems
Traditional.
A characteristic of human wants is that they are
Unlimited
What determines whether an economic product is an industrial product or a consumer product?
Who buys and uses the product
If a good or service is scarce, consumers will usually be
Willing to pay money to get it
A socially responsible business will attempt to give customers
the best products at the best prices
Which of the following situations involves finding an alternative resource to use in place of a nonrenewable natural resource:
Powering a motor vehicle with biodiesel instead of gasoline
What are the three basic economic questions?
What products will be produced; how will products be produced; and how will products be allocated
A manufacturer is a type of business that
urns raw goods into useful products
What role does utility play in the implementation of the marketing concept
A satisfaction gauge
Which of the following economic resources is responsible for combining the other resources to produce goods and services
Human resources
Which of the following occurs when the supply of individuals who are able and willing to work diminishes:
Human resources become limited
John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's expertise is selling, and Charles' expertise is management. However, each has limited capital. The ideal business ownership for these young men is a
Partnership
One reason a physicians' practice might form a partnership as an LLP is to
Protect innocent partners from the malpractice of another partner
Businesses can show their social responsibility by contributing to
Public interests.
Consumers are typically most willing to pay more for goods and services that bring them greate
Satisfaction.
To discover a product's level of utility, marketers measure the consumer'
Satisfaction.
Which change provides the most time utility for a consumer?
Staying open for business on the weekend
Which one of the following groups of words best describes wants:
Unlimited, changing,
Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in
Workforce demographics
