Business Essentials Lesson 2.03 Review

Consumers are typically most willing to pay more for goods and services that bring them greater

Two factors involved in determining the value of a resource, good, or service are

A gap between unlimited wants and limited resources creates

Why are resources considered limited?

Seeing a movie at a theater would be considered a(n) __________ want.

What do consumers & producers, do with money payments to create a flow of resources, goods, services, and money payments

What are the three basic economic questions?

Into what two categories can wants be divided?

The heart of economics is

Distribution examines how income is divided between

Water and air are examples of __________ resources, while people are considered to be __________ resources.

Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is

Which of the following groups of words best describes wants:

John had to decide, to buy jeans or visit an amusement park. what was his opportunity cost of him choosing the park?

Which of the following is the best reason for studying economics:

In economics, capital goods include

The ultimate goal of all economic activity is

Friendship would be considered a(n) __________ want.

For consumption to occur, goods and services must be

manager is willing to accept the production of fewer products as long as their workers produce higher-quality products.