Ch 2- The Character Of The Market

50 Questions | By Zbasham | Updated: Mar 21, 2022 | Attempts: 451

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1.

Something that is required to live.
- A.
  
  Want
- B.
  
  Need
- C.
  
  Like
- D.
  
  Good
2.

An unfulfilled consumer desire.
- A.
  
  Want
- B.
  
  Need
- C.
  
  Like
- D.
  
  Good
3.

The economic condition caused by unlimited needs and wants but limited resources to fill those needs and wants.
- A.
  
  Scarcity
- B.
  
  Supple
- C.
  
  Demand
- D.
  
  Goods
4.

People who choose to spend resources on goods and services intended for personal use and not for manufacture or resale.
- A.
  
  Producers
- B.
  
  Consumers
- C.
  
  Companies
- D.
  
  Competitors
5.

Individuals or companies who create valued products and exchange these products with consumers for scarce resources (money).
- A.
  
  Producers
- B.
  
  Consumers
- C.
  
  Companies
- D.
  
  Competitors
6.

The resources of labor, capital, land, and entrepreneurship used to produce goods and services that consumers want.
- A.
  
  Factors of production
- B.
  
  Scarcity
- C.
  
  Economic utility
- D.
  
  Law of demand
7.

A factor of production that refers to human effort, or work.
- A.
  
  Capital
- B.
  
  Land
- C.
  
  Labor
- D.
  
  Entrepreneurship
8.

A factor of production that includes those items necessary to produce goods and services such as buildings, tools, and machines.
- A.
  
  Capital
- B.
  
  Land
- C.
  
  Labor
- D.
  
  Entrepreneurship
9.

A factor of production that includes the ground itself, as well as natural resources, such as water and minerals, used in production.
- A.
  
  Capital
- B.
  
  Land
- C.
  
  Labor
- D.
  
  Entrepreneurship
10.

A factor of production that refers to the ability to envision new opportunities and undertake them.
- A.
  
  Capital
- B.
  
  Land
- C.
  
  Labor
- D.
  
  Entrepreneurship
11.

Someone who organizes the start-up and takes the risks necessary to get a business started.
- A.
  
  Producer
- B.
  
  Consumer
- C.
  
  Entrepreneur
- D.
  
  President
12.

The amount of satisfaction a person gets from using a product or service.
- A.
  
  Need
- B.
  
  Economic utility
- C.
  
  Export
- D.
  
  Import
13.

An organization that uses labor, capital, land, and entrepreneurship to produce goods and services at a profit.
- A.
  
  Business
- B.
  
  Entrepreneur
- C.
  
  Consumers
- D.
  
  Customer
14.

A time of higher incomes, increased production and lower unemployment. Job opportunities abound during this period.
- A.
  
  Recovery
- B.
  
  Recession
- C.
  
  Prosperity
- D.
  
  Scarcity
15.

A time of increasing unemployment, when consumers decrease their spending and businesses have fewer opportunities to sell their products. Job opportunities are scarce during this period.
- A.
  
  Recovery
- B.
  
  Recession
- C.
  
  Prosperity
- D.
  
  Scarcity
16.

Occurs when employment and business opportunities begin to increase again and consumers start spending more money.
- A.
  
  Recovery
- B.
  
  Recession
- C.
  
  Prosperity
- D.
  
  Scarcity
17.

A good that is bought in the United States but produced abroad.
- A.
  
  Export
- B.
  
  Import
- C.
  
  Supply
- D.
  
  Demand
18.

Goods produced in this country and sold abroad.
- A.
  
  Export
- B.
  
  Import
- C.
  
  Supply
- D.
  
  Demand
19.

Using people, material resources and technology to get an organization’s work done.
- A.
  
  Business
- B.
  
  Entrepreneur
- C.
  
  Management
- D.
  
  Prosperity
20.

Theory X – A management style theory that assumes that employees dislike work, need direction and must be coerced or controlled into working. This theory has a negative view of employees.
- A.
  
  True
- B.
  
  False
21.

Theory Y – A management style theory that assumes people do not inherently dislike work but view it as a part of life and can become committed to organizational objectives. This theory has a more positive view of employees.
- A.
  
  True
- B.
  
  False
22.

Theory Z – A management style theory that assumes people are committed to their jobs and can work together effectively. Managers with this style focus on the organization and long-term employment. This theory has a very positive view of employees.
- A.
  
  True
- B.
  
  False
23.

Human Resources – A management movement that stresses the importance of relationships in organizations.
- A.
  
  True
- B.
  
  False
24.

Interpersonal Role – Involves gathering relevant information and making it available to employees.
- A.
  
  True
- B.
  
  False
25.

Top Managers are not considered a Level of Management.
- A.
  
  True
- B.
  
  False