Questions and Answers
What is a characteristic of human wants?
Unlimited
Which of the following is an example of an economic want?
An example of a noneconomic want would be the desire for?
A friend
What is an economic good or service that is scarce?
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If a good or service is scarce, consumers will usually be?
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Which of the following is a characteristic of economic services?
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'Economic votes' are cast by consumers each time they?
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Producers respond to consumers' positive economic votes by?
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A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
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Each day, a restaurant sends its used linens to a laundry to be cleaned and pressed. In economic terms, the laundry service would be classified as a(n) __________ service.
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Which of the following is an industrial good?
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What determines whether an economic product is an industrial product or a consumer product?
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Why do marketers classify goods and services?
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Bread for a family would best be classified as a(n) __________ product.
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What type of product is a dishwasher?
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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.
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Sugar and flour purchased to make baked goods are classified as?
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What type of industrial product would bolts used in automobile production be classified as?
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How would a business's computers be classified?
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Cash-register tapes and shipping forms used by a business would be classified as?
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Study Notes
Human Wants and Economic Concepts
- Human wants are unlimited; satisfying one creates demand for others.
- Economic wants refer to desires for items like clothing, which require spending money.
- Noneconomic wants, like the desire for friendship, do not necessarily require financial expenditure.
Scarcity and Economic Goods
- Scarcity of economic goods or services refers to limited supply; consumers may pay more for scarce items.
- Consumers are typically willing to spend money on goods or services that are scarce.
Economic Services and Consumer Behavior
- Economic services are useful and satisfy economic wants.
- Consumers express their preferences through "economic votes" with each purchase made.
Production and Consumer Demand
- Producers react to increased consumer demand by amplifying production; less popular items may be discontinued.
Types of Economic Products
- A laptop purchased by a student is classified as a consumer good, intended for personal use.
- Industrial services, like laundry for a restaurant, are utilized by businesses for operational purposes.
- Tires for a tow truck serve as industrial goods, purchased by businesses for their operations.
Classification of Products
- Classification of products is based on who buys and uses them; industrial products are for business purposes, while consumer products are for end-users.
- Marketers classify goods and services to effectively plan marketing strategies.
Product Categories
- Convenience products, such as bread, are quickly purchased with minimal effort.
- Shopping goods, like dishwashers, require consumers to compare quality and price before buying.
- Specialty goods, like desirable china, have unique traits prompting consumers to make extra efforts to obtain them.
Materials and Parts
- Materials, like sugar and flour, are components of final products after processing.
- Parts, such as bolts for cars, are included in production without needing additional processing.
Business Equipment and Supplies
- Business computers are categorized as equipment, essential for operations but not for production.
- Supplies, like cash-register tapes, are items frequently consumed in business activities.
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Description
Explore key principles of economic wants, scarcity, and consumer behavior. This quiz covers the different types of economic products and how producers respond to consumer demand. Test your understanding of these essential economic concepts.
