Business Management Chapter 8 Vocabulary Quiz

The study that relates to producing and using resources that satisfies human wants is called

• management

• economics

• producers

• consumer goods and services

The desire for scarce goods and services

• economic wants

• noneconomic wants

Having a good or service at a store where it is needed or wanted is called

• form utility

• place utility

• possession utility

• time utility

Which type of utility is created when a product is available when it is needed or wanted?

• form

• place

• possession

• time

Another word for economic wants is utility.

• True

• False

A (An) ____ is an organized way to decide how, what, and for whom goods or services will be produced.

• economic system

• privatization

• noneconomic want

• producer

In a ________ individual buying decisions in the marketplace determine what, how, and for whom goods and services will be produced.

• command economy

• mixed economy

• market economy

In which type of economy does the government control most of the factors of production?

• mixed economy

• command economy

• market economy

The transfer of authority to provide a good or service from a government to individual or privately owned business is called

• an economic system

• privatization

• capitalism

• competition

In which political-economy system are private citizens free to produce whatever they choose, go into business for themselves, and distribute what they produce?

• capitalism

• socialism

• communism