Farms, mines, and lumber companies are examples of

A company that transforms cotton into wearable clothing is considered a

Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?

Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a

The two main divisions of the trade industry are

Determine whether the following statement is true or fales: Trade industries all have the same form of ownership.

Which of the following describes the services offered by trade industries:

Business in trade industries that offer discount prices usually offer

Retailing takes place whenever goods are

Which of the following statements about wholesale trade businesses is true:

What do service businesses sell?

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

One way in which a business can show its social responsibility is by ____ its profits.

Business can show their social responsibility by contributing to

A socially responsible business will attempt to give customers

Socially responsibility should be part of the objectives of_____businesses.

A business that produces a product should be socially responsible to the____of the product.

The connection between the social responsibility of a business and the community in which the business operates is that the business social responsibility_____the community

One way in which many businesses demonstrate their social responsiblity toward employees is by providing them with

A characteristic of human wants is that they are

Which of the following is an example of an economic want

An example of a noneconomic want would be the desire for

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

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

Which of the following is a characteristic of economic services:

"Economic votes" are cast by consumers each time they

Producers respond to consumers' positive economic votes by

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

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

Which of the following is an industrial good:

What determine whether an economic product is an industrial product or a consumer product?

Why do marketers classify good and services?

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

George has decidied to purchase a diswasher. He is checking the newspaper ads for the best place to get quality goods and services at a resonable price. What type of product is the diswasher?

Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n)____product.

Sugar and flour that are purchased to make baked goods are classified as

A car manfacturer receives a shipment of bolts that are going to be used ib the production of automobiles. What type of inductrial product would the bolts be?

How would a business's computers be classified?

Cash-register tapes and shipping orms used by a business would be classified as inductrial:

Resources that enable businesses to operate are also known as

Which of the following statements regarding economic resources is true:

Whic of the following economic resources helps people be more productive

When producers ue the best combination of resources, consumers are more likely to get goods and services that

Which of the following economic resources is responsible for combining the other resources to produce goods and services:

A sales clerk working part-time at a clothing store is an example of a(n)

When a stove is used in a restaurant kitchen, it is a

Using a stream to supply water for crops is an example of using

Maintenance, modifications, and use of alternative sources are responses to limited

Which of the following statements about economic resources is true

Automation involves replacing human resources with

Rather than being required to start his workday at 8:00 a.m. and end at 4:00 pm Tyler is allowed to start and end his workday at his convenience as long as he works 40 hours per week. This is an example of

Offering higher wages, employee assistance program, and benefits are

Which of the following situation finding an alternative resource to use in place of a nonrenewable natural resource.

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

Weather conditions can most directly affect the supply of

Which of the following occurs when the supply of individuals who are able and willing to work diminishes

Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in

The state of technology that exists in a society can limit

Which of the following situations involves finiding another source of a limited natural resource:

Intro what two categories can wants be divided?

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 has only $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 their workers produce higher-quality products. The manager is making a

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

For consumption to occur, goods and services must be

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

Distribution examines how income is divided between

Consumers are typically most will 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

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of

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 Bluetooth speakers increases, the quantity of Bluetooth speakers 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?

Who gets the goods and services produced 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