

2.02 pt 1-2
Flashcard
•
English
•
9th - 12th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What are economic 'votes'?
Back
Economic 'votes' are the choices consumers make when they purchase goods and services, reflecting their preferences and demand in the market.
2.
FLASHCARD QUESTION
Front
What happens when a good or service is scarce?
Back
When a good or service is scarce, consumers are usually willing to pay money to obtain it, as scarcity increases its perceived value.
3.
FLASHCARD QUESTION
Front
Why do marketers classify goods and services?
Back
Marketers classify goods and services to aid in marketing planning, which helps in targeting the right audience and determining strategies.
4.
FLASHCARD QUESTION
Front
What type of product is a dishwasher considered?
Back
A dishwasher is considered a shopping product, as consumers typically compare quality and price before making a purchase.
5.
FLASHCARD QUESTION
Front
What determines if a product is an industrial or consumer product?
Back
A product is classified as an industrial product or a consumer product based on who buys and uses it.
6.
FLASHCARD QUESTION
Front
Define 'scarcity' in economics.
Back
Scarcity refers to the limited availability of resources to meet unlimited wants, leading to competition for those resources.
7.
FLASHCARD QUESTION
Front
What is the role of consumers in a market economy?
Back
Consumers play a crucial role in a market economy by making purchasing decisions that influence production and pricing.
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