POBF 5.01

“Economic votes” are cast by consumers each time they

Automation involves replacing human resources with

A characteristic of human wants is that they are

The state of technology that exists in a society can limit

Which of the following is a characteristic of economic services:

How would a business’s computers be classified?

Which of the following is an industrial good:

An example of a noneconomic want would be the desire for

George has decided to purchase a dishwasher. He is checking the newspaper for a place to get quality goods & services.

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

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

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

Rather than starting his workday at 8:00am to 4:00pm, Tyler is allowed to start and end his workday at his convenience

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

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

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

Susan is willing to pay a high price for the brand of china that she wants. This china would be classified as a(n) ____

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

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

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

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

Each day, a restaurant sends its used linens to a laundry to be cleaned & pressed. The service would be a ___ service

Why do marketers classify goods and services?

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

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

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

A car manufacturer purchases bolts to be used in the production of cars. What type of industrial product are the bolts?

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

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

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

As natural and human resources become limited, capital goods become limited

Resources that enable businesses to operate are also known as

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

A student purchased a laptop to use for homework. In economic terms, this computer would be classified as a(n) ___ good.

Weather conditions can most directly affect the supply of

Which of the following situations involves finding another source of a limited natural resource:

Producers respond to consumers’ positive economic votes by

Industrialized nations typically require fewer capital goods than developing countries

Members of Gen X & Gen Y are expected to fill job positions vacated by retiring Baby Boomers. This is a change in

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