Business Essentials Lesson 2.02 Study Review

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

15. George has decided to purchase a dishwasher. What type of product is the dishwasher?

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

A characteristic of human wants is that they are

Susan is willing to pay a high price for a specific brand of chinaThis china would be classified as a(n) ______

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

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

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

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

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

13. Why do marketers classify goods and services?

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

3. An example of a noneconomic want would be the desire for

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

19. How would a business’s computers be classified?

11. Which of the following is an industrial good:

7. Economic “votes” are cast by consumers each time they

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

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

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