Business Essentials - Unit 2.02 Pt 1 - 4

Demand for a good is more likely to be elastic when the good is

Economic votes are cast by consumers each time they

Which of the following determines whether consumers can purchase goods or services:

Excess demand is eliminated when the price reaches the point consumers are willing to buy _____ producers have to sell

Into what two categories can wants be divided?

What is one factor that will determine how much a customer is willing to pay for a good or service?

When less expensive substitutes for a product are readily available, then demand for that product is likely to be more

11. Which of the following is an industrial good:

Who gets the goods and services produced in our economy?

Susan is willing to pay a high price for the brand of china. This china would be classified as a(n) __________ product

The ultimate goal of all economic activity is

The price of complementary products has an effect on

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

What exists when producers produce more than buyers are willing and able to buy?

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

What do consumers, producers, and the owners of resources do with money payments to create a flow?

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified a

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

14. Bread for a family would best be classified as a(n) __________ product.

What do consumers, producers, and resource owners need to have in order to make economic decisions?

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

Which of the following is a factor affecting a product's utility to the individual customer:

How are prices used in our economy?

A team of employees is responsible for researching a business’s product. This factor is

Distribution examines how income is divided between

Most businesses strive to supply goods and services in direct proportion to

Friendship would be considered a(n) __________ want.

Which of the following is a business comparing when it analyzes the cost of: buying wood desks vs buying metal desks:

Orlando changes the price of one of his products and demand quickly changes. The product is

Marc wants to figure out how much changes in price will affect his business's sales, so he pays attention to

What are the incentives in our economy that encourage producers to change and reallocate their resources?

The quantity of a good or service that producers are able and willing to offer for sale is called:

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

In order for consumption to occur, goods and services must be

Marcy is ready to buy a new computer and she has saved up enough money to buy the model she wants. This is an example of

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

The heart of economics is

Susan is willing to pay a high price for the brand of china. This china would be classified as a(n) __________ product

20. Cash register tapes and shipping forms used by a business would be classified as industrial

Why do marketers classify goods and services?

How much a consumer is willing to pay for a product depends partly on the consumer’s opinion of the product’s

A characteristic of human wants is that they are

What do producers often do when supply is greater than demand…

Each day, a restaurant sends its used linens to a laundry service. The laundry service would be classified as:

When supply is greater than demand, a __________ often develops.

What usually happens to the demand for a good or service when the price increases?

Why are resources considered limited?

How would a business’s computers be classified?

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

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

Which is an example of a change in relative price ratio when the original price of red apples is 60¢ & the green is 80¢

A local neighborhood has many houses for sale at a low price,but demand for the houses is low.What kind of market exists

A gap between unlimited wants and limited resources creates

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

How do producers answer the economic question of what to produce in a market economy?

8. Producers respond to consumers’ positive economic “votes” by

Which of the following is characteristic of a seller’s market:

A car manufacturer receives a shipment of bolts that are going to be used in the production. what are bolts

6. Which of the following is a characteristic of economic services:

To maintain the quality of life and general living conditions is called?

In economics, capital goods include

Your firm is considering making a new product. There is a demand for the product. What could hinder your production?

After a mild, dry winter, the supply of sleds should be ________than demanded. Therefore, the price would be __________.

An example of a noneconomic want would be the desire for

Michelle is trying to decide which goods and services to purchase so that she can getmaximum satisfaction. Michelle is

17. Sugar and flour that are purchased to make baked goods are classified as

A manager is willing to accept the production of fewer products as long as workers produce quality products. This is a

A business is selling more and more large-screen televisions each month.Based on supply and demand what should happen?

Which of the following describes inelastic demand?

A restaurant sends its used linens to a laundry service to be cleaned and pressed. the laundry service is classified as

When demand is greater than supply, a _____________ often develops.

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

When the price of Bluetooth speakers increases, the quanitity of offered for sale will increase. This is an example of:

To be able to charge competitive prices in our economy, producers must combine resources and technologies to produce