POBF - 2022 Final Exam -Modified

Front

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

Back

Time, Place

Front

Demand is the quantity of a good or service that buyers are ready to buy at a given price at a particular time. True or False?

Back

True

Front

Tangible objects that can be manufactured or produced for resale are called ___________.

Back

Goods

Front

A local dry cleaner that also launders and presses shirts is selling ___________________.

Back

consumer services

Front

Hurricane Floyd led to increased losses for insurance companies. What is this type of risk?

Back

Natural

Front

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is known as __________________.

Back

Supply

Front

Sunlight, air, and water are __________________ resources.

Back

natural

Front

________________ are people who work to produce goods and services.

Back

Human resources

Front

An economic system in which all or many of the means of production and distribution are owned and controlled by the government is called a _________________________.

Back

Command economic system

Front

What is the organized way in which a country handles its economic decisions and solves its economic problems called?

Back

An economic system