Economics U2

What role does utility play in the implementation of the marketing concept? A delivery process A cost-saving tool A payment method A satisfaction gauge

A satisfaction gauge

Changing a good's form involves which of the following: Getting the good to the retailer Making sure the good is available early Adding a new feature to the good Providing an easy way to buy the good

Adding a new feature to the good

The marketing concept is all about the marketer. customer. wholesaler. retailer.

customer.

A salesclerk working part-time at a clothing store is an example of a(n) natural resources. capital good. human resource. unlimited resource.

human resource

Water and air are examples of __________ resources, while people are considered to be __________ resources. natural; human capital; human physical; mental mental; natural

natural; human

Where a product is available for purchase is referred to as the right location. place utility. the setting. product display.

place utility.

George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher? Capital Shopping Convenience Specialty

shopping

Into what two categories can wants be divided? Unlimited and limited Economic and noneconomic Unlimited and economics Unlimited and noneconomic

Economic and noneconomic

Why are resources considered limited? Everyone has them, and they change. There are not enough available for everyone to have as many of them as desired. There are so many that people must decide which ones to choose at any one time. Entrepreneurs do not invest enough in them.

There are not enough available for everyone to have as many of them as desired.

An example of a noneconomic want would be the desire for police protection. a friend. a college education. concert tickets.

a friend

When producers use the best combination of resources, consumers are more likely to get goods and services that they do not need. are best known. cost more. they want.

they want

Kara orders a dress for her school dance on Saturday. If the dress doesn't arrive until the next Monday, it has no ________ utility. time possession form place

time

Which of the following is the best reason for studying economics: To find the best use for resources and supplies To determine which occupations interest you To learn how to invest money and express social responsibility To prepare for effective decision making and responsible citizenship

To prepare for effective decision making and responsible citizenship

An economic good or service that is scarce is one that is in limited supply. readily available. not made in America. not test-marketed.

in limited supply

Producers respond to consumers' positive economic votes by decreasing production. producing more industrial goods. increasing production. classifying their goods and services.

increasing production.

. Each day, a restaurant sends its used linens to a laundry to be cleaned and pressed. In economic terms, the laundry service would be classified as a(n) __________ service. consumer tangible ultimate industrial

industrial

Resources that enable businesses to operate are also known as revenues. outputs. inputs. sales.

inputs

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. credit. a business discount. a loan.

layaway.

"Economic votes" are cast by consumers each time they make a purchase. respond to a survey. visit a business. participate in market research.

make a purchase.

Sugar and flour that are purchased to make baked goods are classified as parts. supplies. installation. materials.

materials

Using a stream to supply water for crops is an example of using natural resources. capital goods. human resources. nonrenewable resources.

natural resources

Friendship would be considered a(n) __________ want. economic unlimited limited noneconomic

noneconomic

A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be? Equipment Materials Parts Supplies

parts

Individual customers view products through corporate filters. constant lenses. personal lenses. general viewpoints.

personal lenses.

For a consumer to be satisfied, the four types of utility must be promoted. produced. profitable. present.

present.

To provide utility, a product must be innovative. look appealing. be economical. provide satisfaction.

provide satisfaction.

The Internet creates/enhances form utility by offering online shopping. providing mp3s as an alternative to CDs. providing customers with product information. allowing goods to be found and purchased quickly.

providing mp3s as an alternative to CDs.

A product that provides utility for one business may provide none for another business because utility is completely constant. relative. irrelevant. unchanging.

relative.

To discover a product's level of utility, businesses measure the consumer's perspective. attitude. satisfaction. desire.

satisfaction.

A gap between unlimited wants and limited resources creates economics. wants. resources. scarcity.

scarcity.

Task utility is about making changes to the characteristics of a job. service. project. good.

service.

Susan is willing to pay a high price for the brand of china that she wants for her home. This China would be classified as a(n) __________ product. shopping specialty industrial convenience

specialty

Marketers are in charge of manufacturing new products. studying and analyzing customer satisfaction. maintaining adequate stock levels throughout the year. making sure that the finished product gets where it needs to be.

studying and analyzing customer satisfaction.

Cash-register tapes and shipping forms used by a business would be classified as industrial equipment. materials. parts. supplies.

supplies

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(n) exchange. capital good. trade-off. distribution.

trade-off.

A characteristic of human wants is that they are limited. unlimited. unchanging. consistent

unlimited

If a good or service is scarce, consumers will usually be uninterested in owning it. unwilling to buy it. able to get as much of it as they want. willing to pay money to get it.

willing to pay money to get it.

What are the three basic economic questions? When will products be produced, how will products be produced, and how will products be allocated When will products be produced, what products will be produced, and how will products be allocated What products will be produced, how will products be produced, and how will products be allocated Where will products be produced, when will products be produced, and what products will be produced

What products will be produced, how will products be produced, and how will products be allocated

What determines whether an economic product is an industrial product or a consumer product? The price of the product The origin of the product Who buys and uses the product Who produces the product

Who buys and uses the product

Which of the following economic resources is responsible for combining the other resources to produce goods and services: Natural resources Capital goods Human resources Nonrenewable resources

Human resource

Which of the following statements regarding economic resources is true: As businesses grow and become more complex, they typically require fewer resources. Similarly sized businesses within the same industry usually use identical resources. Natural resources, human resources, and capital goods are often referred to as factors of production. Industrialized nations typically require fewer capital goods than developing countries.

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 Trip to amusement park $40 No opportunity cost was involved.

New pair of jeans

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? Form/Task Place Time Possession

Place

Which of the following is an industrial good: Tires for a tow truck Holiday flowers Matt's cell phone Emily's home computer

Tires for a tow truck

Why do marketers classify goods and services? To determine promotional budgets To determine prices to charge for goods and services To aid in marketing planning To decide whether to increase production

To aid in marketing planning

Which one of the following groups of words best describes wants: Limited, changing, and compensating Limited, unchanging, and competing Unlimited, changing, and competing Unlimited, unchanging, and compensating

Unlimited, changing, and competing

Which of the following is a characteristic of economic services: Useful Non-transferable Tangible Freely available to everyone

Useful

If a customer can't afford a product, a business should suggest that the customer visit another store. focus on customers who can afford it. encourage the customer to buy something else. do whatever it takes to help the customer afford it.

do whatever it takes to help the customer afford it.

Seeing a movie at a theater would be considered a(n) __________ want. economic limited unlimited noneconomic

economic

Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is creating scarcity. a producer. economizing. increasing distribution.

economizing.

Which of the following economic resources helps people to be more productive: Non Economic resources Human resources Natural resources Capital goods

Capital goods

Which of the following is an example of an economic want: Clothing Understanding Fresh air Conversation

Clothing

The heart of economics is trade-offs. resources. wants. decision making.

decision making.

With place utility, when do businesses move the product to the right place? At the end of the process Whenever they can At every point in the process When delivery costs are low

At every point in the process

In possession utility, a consumer finds a product helpful after doing what? Using the product Buying the product Upgrading the product Selling the product

Buying the product

How would a business's computers be classified? As parts As supplies As equipment As an installation

as an installation

In economics, capital goods include labor and management. buildings and equipment. mental and physical work. trees and water.

buildings and equipment.

When a stove is used in a restaurant kitchen, it is a noneconomic resource. human resource. natural resources. capital good.

capital good

A fixed value in a mathematical formula and the speed of light in science are examples of constants. utility. layaway. the marketing concept.

constants.

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good. capital ultimate consumer industrial

consumer

Bread for a family would best be classified as a(n) __________ product. shopping specialty installation convenience

convenience

It's important for businesses to provide products when customers need them. marketers need them. It's convenient for the business. It's convenient for retailers.

customers need them.