Seeing a movie at a theater would be considered a _____________ want.

Friendship would be considered a __________________ 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 their 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

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

Moira is ready to buy a new laptop, 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 gaming consoles each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these gaming consoles 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:

Mercy wants to figure out how much changes in price will affect her business’s sales, so she 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 gas prices increased $0.15 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 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, Kosmo owned a small grocery store. When several big box stores that sell groceries at discounted prices moved into the area, Kosmo’s sales declined, and he had to close his business. Which of the factors that affect supply affected Kosmo’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

Which of the following items is found in all economic systems

The most common medium of exchange in modern economic systems is

One of the reasons that a country needs an economic system is because it

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

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

Government owns some basic means of production, but there is private ownership of business under

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

An example of a country that has a socialist command economy is

Which of the following cultures has a traditional economic system

A country that currently has a communist command economic system is

What type of economic system is used in the United States

The way in which an economic system answers the basic economic questions depends upon the country's

In a traditional economic system, the question of what to produce is answered by producing

In a communist command economy, who decides how the economic questions will be answered

In a socialist economic system, who tends to answer the question of how products will be produced

What action do consumers take that determines what will be produced in a market economy

Lack of economic growth is a major problem for ____________ economic systems.

Communist command economies are most likely to experience which of the following problems

A major problem for individuals and private businesses in a socialist command economy is

Which of the following is a potential problem in market economies

Japan and the United States buy and sell each other’s goods and services. This is an example of

Some businesses sell their goods and services to individuals, businesses, or governments in other countries. This is an example of

A business that buys goods and services from a company in another nation is performing which of the following activities:

A country can often produce goods more cheaply than other nations because it

The United States produces widgets faster and more cheaply than Switzerland does. In this example, the United States has a(n) ______ advantage.

Which of the following occurs when a country can produce goods at a relatively more efficient rate than another country:

Which of the following situations represents an absolute advantage for the United States:

Which of the following is a benefit of global trade:

How do nations track the flow of money coming into and going out of their countries?

Which of the following terms describes the difference between the exports and imports of a nation:

A nation that exports more than it imports maintains a

What does a nation develop when its imports are greater than its exports?

A large trade deficit in a nation often leads to ______ opportunities.

Levels of inflation and unemployment are factors that affect ______ in the world market.

Which of the following is a likely result of a strong or highly valued currency:

A country with a weak currency value tends to

Which of the following are methods that countries use to control their trade with other nations:

Which of the following is the most likely policy that a government would follow to avoid a trade deficit:

If a government wants to reduce the volume of imports allowed into its country, it could limit the number of ______ issued to foreign exporters.

Which of the following allows the free movement of goods and services among several North American countries:

Charise is considering how much to charge for her small business’s products. Charise is involved in

A buyer is willing to pay 9.99 for a product. If the seller is willing to accept that amount, then 9.99 is the

Sellers must carefully set prices so that buyers feel they are receiving ______ value for their money.

What might happen if a business’s customers feel that they are not getting the most value for their money?

Can prices be set too low?

With what do many customers associate price?

A downturn in the economy has forced a home builder to lower its prices. This company has ______ prices.

A station across the street is offering gas for five cents cheaper per gallon. The other stations in the area decide to lower their prices as well. This is an example of ______ pricing.

To set prices, businesses must price the physical product and all its associated

In which of the following businesses is the business owner usually responsible for setting prices:

In which of the following businesses would a separate department most likely be responsible for establishing prices:

Identify the correct answer: A hair care company cannot afford to spend millions of dollars on research for the new, inexpensive shampoo it is developing, so the company must choose a less expensive form of research. This is an example of how pricing affects which of the following elements of the marketing mix:

Identify the correct answer: Which of the following is a product factor that sandwich shops consider when deciding on the price to charge for menu items:

Identify the correct answer: When companies increase the quality of materials used in the production of their products, their prices will tend to be

Identify the correct answer: Can pricing affect a business’s image?

Identify the correct answer: A company with a high profit margin decides to advertise with a full-page, high-cost magazine ad. This is an example of how pricing influences

Identify the correct answer: Which area of promotion will pricing affect?

Identify the correct answer: A company decides to save money by shipping its products by truck instead of by plane. Which marketing mix element is pricing influencing in this example?

Identify the correct answer: When Mariah sets prices for her company, she strives to maximize profit, which is considered a(n)

Identify the correct answer: Covering costs is a pricing objective related to