Business Essentials Unit 2 Review

Front

Which of the following is an example of an economic want: clothing, fresh air, understanding, conversation?

Back

clothing

Front

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

Back

in limited supply

Front

"Economic votes" are cast by consumers each time they

Back

make a purchase

Front

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

Back

consumer

Front

Bread for a family would be classified as a(n)____product.

Back

convenience

Front

Into what two categories can wants be divided?

Back

Economic and noneconomic

Front

Water and air are examples of __________ resources, while people are considered to be __________ resources.

Back

natural; human

Front

What are the three basic economic questions?

Back

What products will be produced, how will products be produced, and how will products be allocated

Front

Consumers are typically most willing to pay more for goods and services that bring them greater

Back

satisfaction.

Front

The most common medium of exchange in modern economic systems is

Back

money