BE Unit 2.00 Review

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating

• Wholesaling

• Social Responsibility

• Voluntary Chains

• E-tailing

A characteristic of human wants is that they are

• Unlimited

• Limited

• Unchanging

• Consistent

An example of a noneconomic want would be the desire for

• police protection

• concert tickets

• a friend

• a college education

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

• not made in America

• in limited supply

• 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 an example of an economic want?

• Clothing

• Fresh air

• Understanding

• Conversation

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is

• human

• natural

• unlimited

• limited

Which of the following types of economic systems adopts the fewest new ideas and improvements?

• Communist

• Socialist

• Traditional

• Market

In a ____________ economy, the government controls the economic system and does not allow private ownership of the means of production and distribution.

In a ____________ economy, individuals and businesses own the means of production and distribution with limited government regulation.

• Communism

• Socialism

• Market

• Traditional