Goods and Services in Economics

What is the characteristic of a market system where multiple vendors can supply a commodity or service?

Perfect Competition

What type of market system exists when a single vendor supplies a unique product or service?

Monopoly

Which market system is characterized by a few suppliers of a product or service?

Oligopoly

What occurs when the mathematical product of volume and price is constant?

Unitary Elastic Demand Signup and view all the answers

Which microeconomic law states that as the price of a good or service increases, the quantity supplied will also increase?

Law of Supply Signup and view all the answers

What are consumer goods and services?

Directly used by people to satisfy their wants Signup and view all the answers

What is a characteristic of necessities?

Purchased in the same quantity regardless of price Signup and view all the answers

What happens to the quantity demanded when the price of a good increases according to the law of demand?

It decreases Signup and view all the answers

What type of goods and services are used to produce other goods and services?

Producer goods and services Signup and view all the answers

What is a characteristic of elastic demand?

A decrease in selling price results in a greater than proportionate increase in sales Signup and view all the answers

What is a characteristic of inelastic demand?

A decrease in selling price results in a less than proportionate increase in sales Signup and view all the answers

What is the primary focus of 'development of alternatives' in a problem-solving approach?

Generating multiple solutions to a problem Signup and view all the answers

What is the main advantage of using the Nominal Group Technique (NGT) in decision-making?

It draws on the creativity of individual participants and reduces dominance Signup and view all the answers

What is the primary goal of 'selection of design criterion' in decision-making?

To choose the alternative that best serves the long-term interests of the organization Signup and view all the answers

What is the purpose of 'performance monitoring and post-evaluation of results' in problem-solving?

To evaluate the performance of the chosen alternative during and after implementation Signup and view all the answers

In what situations would present economy studies be employed?

When the alternatives to be compared will provide the same result over a short period Signup and view all the answers

What is a key consideration in selecting materials for a product?

Selecting the material that results in the most economical product Signup and view all the answers

What is the main objective of 'development of prospective outcomes'?

To incorporate principles 2, 3, and 4 into the decision-making process Signup and view all the answers

What is the purpose of 'analysis and comparison of alternatives' in decision-making?

To compare alternatives based on their economic aspects, including cash flow estimates Signup and view all the answers

What is a key consideration in worker efficiency?

Reducing labor costs Signup and view all the answers

What is the main objective of equipment maintenance in an organization?

Economy of tool and equipment maintenance Signup and view all the answers