EC-070
A company that transforms cotton into wearable clothing is considered a ___
A - Service business
B - Farmer
C - Manufacturer
D - Builder
A gap between unlimited wants and limited resources creates:
A Surplus
B Scarcity
C Economics
D Wants
Which is an example of a good?
A Dentist fixing your teeth
B a haircut
C a candy bar
D a mechanic fixing your car
What type of resource is a hair dresser?
A Human resource
B Natural resource
C Capital resource
If the demand for a good or service is constant regardless of its price, __________ demand exists.
A Inelastic
B Sellers
C Elastic
D Buyers
Emilia works for a company that constructs houses and business facilities.Which type of producer does she work for?
A - A builder
B - A manufacturer
C - A service provider
D - A trader
The study of economics is basically about what two things?
A People and money
B People and choices
C Money and change
D Money and problems
Which is an example of a service?
A a candy bar
B Hamburgers
C a computer
D Having your hair cut
_______ are items that are used to produce goods and services.
A Capital goods
B Natural goods
C customer services
D economic resources
Some products are used together. These products would be known as
A Complementary products
B Substitute products
C Supplied goods
D Supplied services
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. What is the retailer demonstrating?
A - Social responsibility
B - Retailing
C - Wholesaling
D - e-tailing
You want to hang out with your friend after school. This would be called a ____
A - Noneconomic want
B - Economic desire
C - Changing Desire
D - Economic want
Industrial goods that are constantly being purchased and used up in the operation of a business
A Supplies
B Staple Items
C Raw materials
D Tangible goods
A truck driver and an high-level operations manager would both be considered a human resources
True or False
Advances in technology have led to a(n) ___ in the supply of some products
A Increase
B Decrease
C No change
What do service businesses sell?
A - Retail goods
B - Raw goods
C - Wholesale merchandise
D - Intangible activities
The ultimate goal of all economic activity is:
A Consumption
B Conservation
C Distribution
D Calculation
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
A Industrial
B Wanted
C Consumer
D Capital
Human resources create and use _______ to transform natural resources from their less satisfying original state to products that better satisfy consumers
A Capital goods
B skills and training
C natural abilities
D Human resources
When the demand is so great that customers will buy regardless of high prices, a(n) __________ market exists
A Consumer's
B Buyer's
C Executive's
D Seller's
These businesses don't modify or change products, they simply move goods from producers to customers
A - Service
B - Raw goods
C - Trade industries
D - Manufacturers
You decide to watch YouTube videos instead of playing video games. This is referred to as:
A Capital resources
B Opportunity cost
C Scarcity
D Demand
Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product
A Consumer
B Industrial
C Market
D Specialty
Capital goods reflect the state of ________ that exists in society. For example, Industrialized societies would use the most up-to-date and modernized capital goods
A Natural resources
B technology
C Education
D Human resources
If consumer's don't have money to spend, they can't buy products. Therefore, _____ is a major factor affecting demand
A Hobbies
B Free time
C buying power
D expectations