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