Seeing a movie at a theater would be considered a(n) __________ want.

Friendship would be considered a(n) __________ want.

Which of the following groups of words best describes wants:

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

In economics, capital goods include

Why are resources considered limited?

A gap between unlimited wants and limited resources creates

Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is

John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?

A manager is willing to accept the production of fewer products as long as her workers produce higher quality products. The manager is making a(n)

What are the three basic economic questions?

The heart of economics is

Which of the following is the best reason for studying economics:

The ultimate goal of all economic activity is

In order for consumption to occur, goods and services must be

What do consumers, producers, and the owners of resources do with money payments to create a flow of resources, goods, services, and money payments?

Distribution examines how income is divided between

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

Two factors involved in determining the value of a resource, good, or service are

To provide utility, a product must

A fixed value in a mathematical formula and the speed of light in science are examples of

Individual customers view products through

A product that provides utility for one business may provide none for another business because utility is completely

To discover a product’s level of utility, businesses measure the consumer’s

Changing a good’s form involves which of the following:

Task utility is about making changes to the characteristics of a

Kara orders a dress for her school dance on Saturday. If the dress doesn’t arrive until the next Monday, it has no ________ utility.

Where a product is available for purchase is referred to as

In possession utility, a consumer finds a product helpful after doing what?

The marketing concept is all about the

What role does utility play in the implementation of the marketing concept?

Marketers are in charge of

For a consumer to be satisfied, the four types of utility must be

It’s important for businesses to provide products when

With place utility, when do businesses move the product to the right place?

Marcus wants to buy a laptop, but he can’t afford one right away. So, an electronics store holds it for him until he’s able to pay the outstanding balance. This payment process is known as

If a customer can’t afford a product, a business should

When Jacqueline doesn’t feel like going to the store to buy her textbooks, she orders them online. Which type of utility does this illustrate?

The Internet creates/enhances form utility by

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. Which of the following describes the quantity that Marcy is prepared to buy:

Jeremy has $15,000 to spend on a new car. He found a car that cost $14,500, but he did not think the car was worth more than $12,000. The dealer told Jeremy that he has not been able to sell this model because other customers have expressed the same opinion as Jeremy. Does demand for this car exist?

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

When the price of DVD players increases, the quantity of DVD players offered for sale will increase. This is an example of the law of

Your business is selling more and more large-screen televisions each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these televisions over the next few months?

A local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?

Which of the following is characteristic of a seller’s market:

Marc wants to figure out how much changes in price will affect his business’s sales, so he pays attention to

Orlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando’s product is

Demand for a good is more likely to be elastic when the good is

When less expensive substitutes for a product are readily available, then demand for that product is likely to be more

Which of the following describes inelastic demand:

Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?

A team of employees is responsible for researching potential demand for a business’s brand-new product. The factor that is most likely to affect demand for this product is the

Which of the following is a factor affecting a product’s utility to the individual customer:

Which of the following determines whether consumers can purchase goods or services:

The price of complementary products has an effect on

People often buy goods and services in order to maintain the quality of life and general living conditions to which they are accustomed. This influence on demand is referred to as

Most businesses strive to supply goods and services in direct proportion to

Your firm is considering producing a new product. Research shows that there is definitely a demand for the product and that there are currently only two other producers of this product. Which of the following might prevent your firm from producing this product:

For 20 years, Don owned a small grocery store. When several big box stores that sell groceries at discounted prices moved into the area, Don’s sales declined, and he had to close his business. Which of the factors that affect supply affected Don’s business?

What might businesses do if they expect prices to increase substantially in the future?

Which of the following factors may influence supply:

Which of the following might cause supply of a good to decrease:

One reason why the supply of certain products has been eliminated is because of

What is the amount of money for which an item sells in the competitive marketplace?

How much a consumer is willing to pay for a product depends partly on the consumer’s opinion of the product’s

What is one factor that will determine how much a customer is willing to pay for a good or service?

Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks:

Which of the following is an example of a change in the relative price ratio when the original price of red apples is 60¢ per pound and the original price of green apples is 80¢ per pound:

How do producers answer the economic question of what to produce in a market economy?

To be able to charge competitive prices in our economy, producers must combine resources and technologies to produce

What do consumers, producers, and resource owners need to have in order to make economic decisions?

What are the incentives in our economy that encourage producers to change and reallocate their resources?

How are prices used in our economy?

A store sells T-shirts for $10. Which of the following would be the most likely to occur if all other factors remain the same, and there is a demand for the T-shirts at $10:

What usually happens to the demand for a good or service when the price increases?

What exists when producers produce more than buyers are willing and able to buy?

What do producers often do when supply is greater than demand?

When supply is greater than demand, a __________ often develops.

After a mild, dry winter, the supply of sleds should be __________ than demanded. Therefore, the price would be __________.

Excess demand is eliminated when the selling price reaches the point at which consumers are willing to buy __________ producers have to sell.

When demand is greater than supply, a __________ often develops.

Which of the following is an example of the substitution effect:

Excess demand and excess supply cause changes in

Any factor that causes changes in supply and demand will cause changes in

Some energy companies offer free electricity at night and on weekends because during those times

Prices set higher than the equilibrium price will result in