2.02 pt 1-2

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.

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.

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.

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.

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.

Front

Define 'scarcity' in economics.

Back

Scarcity refers to the limited availability of resources to meet unlimited wants, leading to competition for those resources.

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.

Front

What is a capital product?

Back

A capital product is a durable good used in the production of goods or services, such as machinery or equipment.

Front

What is a convenience product?

Back

A convenience product is a low-cost item that consumers purchase frequently and with minimal effort, like snacks or toiletries.

Front

What is the difference between a shopping product and a specialty product?

Back

A shopping product requires comparison and evaluation before purchase, while a specialty product has unique characteristics that consumers seek out.