1st Block Final

Front

The limited number of potential employees compared to Honda’s need for trained and educated employees is considered to be the economic problem of _________.

Back

Scarcity

Front

Which economic utility refers to the value added by changing the physical characteristics of a product to make it more desirable?

Back

Form

Front

Which economic utility increased when Jerry’s 24-Hour Diner recently began accepting credit cards?

Back

Possession Utility

Front

What did the owners’ decision to rent store space next to a smoothie shop add to their product?

Back

Place utility

Front

The employees of a home decorating store are expert decorators who enjoy giving customers advice about updating spaces in the home. The employees’ advice given to customers increases the _______________ utility of their goods.

Back

Information utility

Front

During the last three months of the year, a grocery store stocks its shelves with plenty of frozen turkeys in order to increases the turkey’s ______________ utility.

Back

Time Utility

Front

Changing old wood into a tree house for little kids is an example of ____________ utility.

Back

Form Utility

Front

The struggle for customers between two or more companies is considered _____

Back

Competition

Front

Which of the following is considered an indirect competitor of Outback Steakhouse? Longhorn’s, Red Lobster, Steak & Ale, None of the Above

Back

Red Lobster

Front

Which of the following is considered a direct competitor of Kroger Supermarkets? Wal-Mart, Walgreen’s, Publix, Target

Back

Publix