Business Essentials 2.02A

A characteristic of human wants is that they are

• limited
• unchanging
• unlimited
• consistent

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

• clothing
• fresh air
• understanding
• conversation

An example of a noneconomic want would be the desire for

• police protection
• a college education
• a friend
• concert tickets

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

• in limited supply.
• not made in America.
• readily available
• not test-marketed

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

• uninterested in owning it.
• able to get as much of it as they want.
• unwilling to buy it
• willing to pay money to get it

Which of the following is a characteristic of economic services

• useful
• tangible
• nontransferable
• freely available to everyone

Economic “votes” are cast by consumers each time they

• make a purchase.
• visit a business
• respond to a survey.
• participate in market research

Producers respond to consumers’ positive economic “votes” by

• decreasing production.
• increasing production.
• producing more industrial goods
• classifying their goods and services.

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

• capital
• consumer
• ultimate
• industrial

Each day, a restaurant sends its used linens to a laundry service to be cleaned and pressed.In economic terms, the laundry service would be classified as a(n) __________ service.

• consumer
• ultimate
• tangible
• industrial