Business Essentials 2.02 Get the Goods

A characteristic of human wants is that they are

• Limited

• Unchanging

• Unlimited

• Consistent

Which of the following is an example of an economic want:

• Clothing

• Fresh Air

• Understanding

• Conversation

An example of a noneconomic want would be the desire for

• Police protection

• A college education

• A friend

• Concert tickets

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

• In limited supply

• Not made in America

• Readily available

• Not-test marketed

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

• Uninterested in owning it

• Able to get as much of it as they want

• Unwilling to buy it

• Willing to pay money to get it

Which of the following is a characteristic of economic services:

• Useful

• Tangible

• Nontransferable

• Freely available to everyone

Economic "votes" are cast by consumers each time they

• Make a purchase

• Visit a business

• Respond to a survey

• Participate in market research

Producers respond to consumers' positive economic "votes" by

• Decreasing production

• Increasing production

• Producing more industrial goods

• Classifying their goods and services

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

• Capital

• Consumer

• Ultimate

• Industrial

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

• Consumer

• Ultimate

• Tangible

• Industrial