HSB 6,13,14,17
the government controls the economic system and does not allow private ownership of the means of production and distribution in a _______ economy.
communist command
the marketing concept is all about the
consumer
which of the following is a potential problem in the market economies
financial loss
marcus wants to buy a laptop, but he can't afford one right away. so, an electronics store holds it for him until he's able to pay the outstanding balance. this payment process is known as
layaway.
when there is not enough of a resource available for everyone to have as much of it as desired, the resource is
limited
individuals and businesses own the means of production and distribution with limited government regulation in a _____ economy
market
water and air are examples of _________ resources, while people are considered to be __________ resources
natural, human
communist command economies are most likely to experience which of the following problems
poor quality products
which of the following situations involves finding an alternative resource to use in place of nonrenewable natural resource
powering a motor vehicle with biodiesel instead of gasoline
for a consumer to be satisfied, the four types of utility must be
present
a gap between unlimited wants and limited resources creates
scarcity
task utility is about making changes to the characteristics of a
service
what role does utility play in the implementation of the marketing concept
a satisfaction gauge
Kara orders a dress for her school dance on Saturday. If the dress doesn't arrive until next monday, it has no _______ utility.
time
which of the following is the best reason for studying economics
to prepare for effective decision making and responsible citizenship.
which of the following groups of words best describes wants
unlimited, unchanging and competing
what are the three basic economic questions?
what products will be produced, how will products be produced and how will products be allocated.
Rather than being required to start his workday at 8:00 a.m. and end at 4:00 p.m., Tyler is allowed to start and end his workday at his convenience as long as he works 40 hours per week. This is an example of
flextime
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 on the country's
government
one of the reasons that a country needs an economic system is because it
has a limited supply of resources
a salesclerk working part-time at a clothing store is an example of
human resource
offering higher wages, employee-assistance programs, and benefits are responses to limited
human resources
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 will become limited
resources that enable businesses to operate are also known as
inputs
what type of economic system is used in the united states
market
the most common medium of exchange in modern economic systems is
money
using a stream to supply water for crops is an example of using
natural resources
the state of technology that exists in a society can limit
natural resources and capital goods
which of the following statements regarding economic resources is true
natural resources, human resources and capital goods are often referred to as factors of production.
john only had $40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. he finally decided to spend his money on the amusement park. what was the opportunity cost of his decision?
new pair of jeans
friendship would be considered an _______ want
noneconomic
a country that currently has a communist command economic system is
north korea
Which of the following items is found in all economic systems
participants
Individual customers view products through
personal lenses
when jacqueline doesn't feel like going to the store to buy her textbooks, she orders them online. which type of utility does this illustrate?
place
where a product is available for purchase is referred to as
place utility
in order for consumption to occur, goods and services must be
produced
distribution examines how income is divided between
producers and resource owners
To provide utility, a product must
provide satisfaction
the internet creates/enhances form utility by
providing mp3s as an alternative to CDs
a product that provides utility for one business may provide non for another business because utility is completely
relative
consumers are typically most willing to pay more for goods and services that bring them greater
satisfaction
to discover a products level of utility, businesses measure the consumer's
satisfactions
which of the following situations involves finding another source of limited natural resource
searching for oil on the ocean floor
marketers are in charge of
studying and analyzing customer satisfaction.
and example of a country that has a socialist command economy is
sweden
a major problem for individuals and private businesses in a socialist command economy is
taxes
why are resources considered limited
there are no enough available for everyone to have as much of them as desired.
when producers use the best combination of resources, consumers are more likely to get goods and services that
they want
a manager is willing to accept the production of fewer products as long as her workers produce higher quality products. the manager is making a
trade-off
lack of economic growth is a major problem for _______ economic systems.
traditional
which of the following types of economic systems adopts the fewest ideas or improvements
traditional
in a traditional economic system, the question of what to produce is answered by producing
what has always been produced
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
weather conditions can most directly affect the supply of
natural resources
government owns the basic means of production, but there is some private ownership of businesses under
socialism
in possession utility, a consumer finds a product helpful after doing what?
buying the product
seeing a movie at a threatre would be considered a ______ want
economic
into what two categories can wants be divided
economic and noneconomic
michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. michelle is
economizing
what do consumers, producers, and the owners of resources do with money payments to create a flow of resources, goods, services, and money payments?
exchange
the heart of economics is
decision making
the ultimate goal of all economic activity is
distribution
if a customer can't afford a product, a business should
do whatever it takes to help the customer afford it.
changing a good's form involves which of the following:
adding a new feature to the good
which of the following cultures has a traditional economic system
amazon rainforest communities
which of the following statements about economic resources is true
as natural and human resources become limited, capital goods become limited.
with place utility, when do businesses move the product to the right place
at every point in the process
two factors involved in determining the value of a resource, good, or service are
availability and demand.
in economics, capital goods include
buildings and equipment
in a socialist economic system, who tends to answer the question of how products will be produced?
business and individuals
when a stove is used in a restaurant kitchen, it is a
capital good
automotive involves replacing human resources with
capital goods
maintenance, modifications, and use of alternative sources are responses to limited
capital goods
which of the following economic resources help people be more productive
capital goods
what action do consumers take that determines what will be produced in a market economy
cast economic votes
A fixed value in a mathematical formula and the speed of light in science are examples of
constants
it's important for businesses to provide products when
customers need them
