WorksheetsChapter 1 Exam
Total questions: 25
Worksheet time: 17mins
A community that barters for goods and services instead of using money is what kind of economy?
market
command
traditional
mixed
This utility is concerned with creating value by assembling raw materials to create something useful.
Possession
Form
Time
Place
This utility is concerned with creating value by having a product where people need it.
Time
Place
Form
Information
This utility is concerned with creating value by having a product when people need it.
Place
Time
Form
Possession
This utility is concerned with creating value by telling the consumer about the product.
Possession
Time
Information
Place
This utility is concerned with creating value by making it easier for the consumer to obtain the product.
Information
Time
Place
Possession
Using thread and metal to create a pair of blue jeans is an example of
Possession
Place
Form
Time
A jeweler explaining to a customer the value of different diamonds is an example of
Form
Information
Possession
Time
Being able to charge $8.00 for a hot dog at a baseball game is an example of
Place
Time
Possession
Form
Allowing a customer to place items on layaway is an example of
Information
Time
Possession
Place
This picture is an example of what type of product?
Service
Good
Utility
Wages
This picture is an example of
Customer
Need
Standard of Living
Product
The picture is an example of
Standard of Living
Wages
Market
Form
A (a) is anything that can be bought or sold.
The benefits created by businesses are
providing products
creating markets
generating economic benefits
All of the above
Which statement below is not an economic benefit business
wages
standard of living
taxes
