Business Essentials 2.01 Producers and Consumers Review

Toilet paper for a family would best be classified as a(n) __________ product.

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

Which of the following is an industrial good:

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

What do service businesses sell?

Which of the following economic resources helps people be more productive?

Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?

A company feels it has a duty to give back to society, so it donates some proceeds to a charity. It is demonstrating:

Susan is willing to pay a high price for the new 2025 Corvette Stingray. The car would be a(n) _______ product.

Farms, mines, and lumber companies are examples of

Which situation involves finding an alternative resource to use in place of a nonrenewable natural resource:

Wifi is considered a product.

A socially responsible business will attempt to give customers

Which of the following statements regarding economic resources is true:

The two main divisions of the trade industry are

An economic good or service that is scarce is one that is

A company that transforms cotton into wearable clothing is considered a

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

Producers respond to consumers’ positive economic “votes” by

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

New shoes are considered a service.

George wants to purchase a dishwasher. He checks ads for the best place at a reasonable price. This dishwasher is a:

Businesses can show their social responsibility by contributing to

Automation involves replacing human resources with

A non-economic want costs money.

Retailing takes place whenever goods are

A producer is someone who

A characteristic of human wants is that they are

Economic “votes” are cast by consumers each time they

A student bought a laptop to use for homework assignments. In economic terms, the computer would a(n) __________ good.

In years to come, members of Gen X & Gen Y are expected to fill many job positions of retiring baby boomers. This:

Which of the following is an example of an economic want:

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

Parts such as bolts, nails and screws are considered to be _______ products.

Resources that enable businesses to operate are also known as