quiz 1b intro to business

Into what two categories can wants be divided?

Economic and noneconomic

Using a stream to supply water for crops is an example of using

capital goods

Changing a good's form involves which of the following:

adding a new feature to the good

In economics, capital goods include

buildings and equipment.

The heart of economics is

decision making

If a customer can't afford a product, a business should

do whatever it takes to help the customer afford it.

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

mixed/market economy

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

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

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

It's important for businesses to provide products when

consumers need them

The ultimate goal of all economic activity is

consumption

Two factors involved in determining the value of a resource, good, or service are

availability and demand

Which of the following is a potential problem in market economies

financial loss

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

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

government and business

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

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

human resources

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 television streaming as an alternative to cable.

A product that provides utility for one business may provide none 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 product's level of utility, businesses measure the 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 businesses under

socialism

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

sweden

In a traditional economic system, the question of what to produce is answered by producing

what has always been produced

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

Resources that enable businesses to operate are also known as

inputs

Which of the following is the best reason for studying economics:

To prepare for effective decision making and responsible citizenship

Which one of the following groups of words best describes wants

Unlimited, changing, and competing

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

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

cast economic votes

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy

communist command

Seeing a movie at a theatre would be considered a(n) __________ want.

economic

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

The most common medium of exchange in modern economic systems is

money

Weather conditions can most directly affect the supply of

natural resources

The state of technology that exists in a society can limit

natural resources and capital goods

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

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

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)

trade-off

Lack of economic growth is a major problem for __________ economic systems

traditional

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

a satisfaction gauge

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

buying the product

A fixed value in a mathematical formula and the speed of light in science are examples of

constants

The marketing concept is all about the

consumer

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

One of the reasons that a country needs an economic system is because it

has a limited supply of resources

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

human resources become limited

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

Water and air are examples of __________ resources, while people are considered to be __________ resources.

natural; human

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

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

poor quality products

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

present

A gap between unlimited wants and limited resources create

scarcity

Marketers are in charge of

studying and analyzing customer satisfaction.

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

taxes

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

traditional

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 demographic

Why are resources considered limited?

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

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 a(n) __________ want.

noneconomic