POBF 5.01 Review

An example of a noneconomic want would be the desire for

Mrs. Richardson advertises her bakery/deli grand opening on social media. This is

A business that begins selling winter holiday decorations in late autumn is creating __ utility

Which is an example of an economic service?

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

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

Which is a natural resource that can be renewed through people's efforts?

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

Who decides how goods and services will be marketed in a private enterprise economic system?

“Economic votes” are cast by consumers each time they

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

The basic role of the United States government is to

What do economists call the intersection of a Demand curve and a Supply curve?

A major characteristic of a market economy is ____________ ownership of property

A characteristic of human wants is that they are

Which one of the following is a characteristic of economic services:

One of the three economic questions each organization must answer are?

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

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

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

As prices rise for a particular good or service, demand goes

The measurement of the consumer response to price change is referred to as___.

___ is the satisfaction effect of usefulness of purchasing a unit or item of a good or service

In a private enterprise economic system, interaction of supply & demand primarily determines

Which of the following items would be considered a non-economic want

Which of the following is an industrial good:

Which of the following is a problem associated with communist command economies?

How would a business’s computers be classified?

Which is an external factor that affects market price?