Semester 1 Review

Most businesses put their greatest competitive efforts into competing

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

Which of the following economic resources helps people to be more productive:

A salesclerk working part-time at a clothing store is an example if a(n)

If a consumer chooses to go to the movies rather than buy a new CD, then the movie theater and the CD business are

How would a business's computers be classified?

What exists when a market is legally controlled by one supplier, and there are no substitute goods/services readily avai

Having the product at the right location is which type of utility?

Producers respond to consumers' positive economic votes by

Because of competition, people in our society enjoy

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

What role does utility play in the marketing concept?

The ultimate goal of all economic activity is

Offering high quality, large assortments, and free shipping are examples of

Making the buying process easy is which type of utility?

One way that competition helps to build a prosperous society by

One way that competition benefits business is by encouraging the creation of

What are the three basic economic questions?

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

Which of the following economic resources is responsible for combining the other resources to produce goods and services

Susan is willing to pay a high price for the brand of china that she wants for her home. This good is a ___________

An economic service differs from an economic good because an economic service is not

What type of market structure is most common found in a private enterprise economy

One of the ways that competition benefits customers is by encouraging businesses to

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

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

Automation involves replacing human resources with

Into what two categories can wants be divided?

Resources that enable business to operate are also known as

Weather conditions can directly affect the supply of

Friendship would be considered a(n) _______want

A business that advertises a special sale as well as its delivery service is using a combination of ______________

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

Which of the following is a direct benefit to consumers of the effects of competition

A gap between unlimited wants and limited resources creates a condition known as

Which of the following statements about perfect competition is correct

The heart of economics is

Burger King and McDonald's are examples of

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

Which change provides the most time utility for a customer?

Maintenance, modifications, and use of alternative sources are responses to limited

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is ______

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

When businesses use what they charge for their products to attract customers, they are using

Which of the following is one of the main principles of the private enterprise system.

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