Basic Economic Concepts

Limited resources for satisfying unlimited wants and needs.

Which of the following is an example of a public want?

Who would be the target market for Sports Illustrated magazine?

Who would be a competitor for American Eagle?

The act of gathering & analyzing info about the wants, needs, and preferences of consumers.

Raw materials from nature that are used to produce goods.

A set of guidelines for maintaining ethics in the workplace is called a

The reward for a business for satisfying a need or a want of a consumer is

Moral principles by which people conduct themselves personally, socially, or professionally.

The contest between businesses to win a customer is called

All of the following are an example of a service except

Things used to produce goods and services for example buildings, materials, and delivery trucks

Which of the following is an example of a good?

Social responsibility is the duty to do what is best for the good of

Items that people can use to make or obtain what they need or want.