Principles of Business

What action do consumers take that determines what will be produced in a market economy?

Cast economic votes

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

Human resources

What type of economic system is used in the Unites States?

Market

When marketers provide information about an available product, consumers are more likely to...

buy the product

To provide utility a product must be..

useful

Which of the following is a potential problem in market economies?

Financial loss

In which type of utility are marketers involved indirectly?

Form

In a communist command economy, who decides how the economic questions will be answered?

Government

In a socialist economic system, who tends to answer the question of how products will be produced?

Government and business

When marketers suggest how to change a product to its availability, they...

create utility

Once marketers know what to offer consumers, they attempt to increase the probability of..

new purchases

Where a product is available for purchase is referred to as..

place utility

Communist command economies are most likely to experience which of the following problems:

poor quality products

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

What role does utility play in the implementation of the marketing concept?

A satisfaction gauge

Changing a goods form involves which of the following?

Adding a new feature to the good

Why might a firm receive more or less utility from one product than from another?

Businesses are different

Which of the following occurs when the supply of individuals who are able and willing to work diminishes:

Human resources become limited

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

Which change provides the most time utility for a consumer?

Staying open for business on the weekend

An example of a country that has a socialist command economy is..

Sweden

Which of the following types of economic system adopts the fewest new ideas or improvements:

Traditional

Which of the following cultures has a traditional economic system:

amazon rainforest communities

With place utility, when do marketers move the product to the right place?

at every point in the process

In possession utility, a consumer finds a product helpful after doing what?

buying the product

When consumers are hesitant to buy a product, they ask themselves if they..

can afford to buy the product today

When a stove is used in a restaurant kitchen, it is a

capital good

Automation 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 helps people to be more productive:

capital goods

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 way in which an economic system answers the basic economic questions depends upon 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 a(n)

human resource

Offering higher wages, employee-assistance programs, and benefits are responses to limited...

human resources

Resources that enable businesses to operate are also known as...

inputs

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is a(n)________ resource

limited

Individuals and business own the means of production and distribution with limited government regulation in a _______ economy.

market

If a product is available at the right time, consumers can receive the...

maximum benefit

The most common medium of exchange in modern economic system is...

money

Using a stream to supply water to a field in order to grow crops is an example of using..

natural resources

Weather conditions can directly affect the supply of...

natural resources

The state of technology that exists in a society can limit...

natural resources and capital goods

What does utility reveal about consumers?

preferences

For a consumer to be satisfied, the four types of utility must be...

present

To discover a product's level of utility, marketers measure consumer's..

satisfaction

Which of the following situations involves finding another source of a limited natural resource:

searching for oil on the ocean floor

Task utility is about making changes to the characteristics of a...

service

Government owns the basic means of production, but there is some private ownership of business under

socialism

A major problem for individuals and private businesses in a socialist command economy is..

taxes

Utility tells marketers how helpful a particular product is to...

the buyer

Consumers buy products to benefit..

themselves

When producers use the best combination of resources, consumers are more likely to get goods and services that...

they want

Lack of economic growth is a major problem for _____ economic systems.

traditional