Principles of Business Exam Review (Part 1)

What determines whether an economic product is an industrial product or a consumer product?

If a good or service is scarce, consumers will usually be

The ultimate goal of all economic activity is

A student bought a laptop to use for homework. This computer would be classified as a

ABC Sports Wear is only company with permission to use a team's logo. This is an example of a

Jon, Rob, and Jay were friends who wanted to start a business. The ideal business ownership is

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

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

What occurs when the supply of individuals who are able and willing to work diminishes?

An advantage to a business of filing bankruptcy is that the process can allow the business to

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

Consumers are typically most willing to pay more for goods and services that bring them greater

A business that fails to protect its employees from risk or hazards on the job may be sued for

Producers respond to consumers' positive economic votes by

Wendy's sells the right to operate its restaurants to those who meet certain criteria. This is

Govt owns the basic means of production but there is some private ownership of businesses under

Why does the government award patents to businesses that have invented new products?

In economics, the term capital goods includes

What are the three basic economic questions?

Law requiring businesses to hire without regard to race, gender, religion, or national origin.

The way an economic system answers the basic economic questions depends upon the country's

Which change provides the most time utility for a consumer?

Members of Gen X and Gen Y will fill jobs vacated by retiring Baby Boomers. This is a change in

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

One reason a physicians' practice might form a partnership as an LLP is to

Which one of the following groups of words best describes wants:

What economic resource is responsible for combining other resources to produce goods & services

A characteristic of human wants is that they are

What type of property is a business protecting when it registers its trademark?

Jay wants his own business but doesn't have needed skills. What type of business would be best?