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