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Vocab Review through U2-P1 Flashcards | StudBud
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Vocab Review through U2-P1
Vocab Review through U2-P1
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Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The purpose of this type of business is to generate revenue for its owners.
Not-For-Profit Business
For-Profit Business
2
Which of the following is a real-life example of scarcity?
Your home running out of your favorite breakfast cereal
Limited supply of non-renewable resources like crude oil
Not having enough money today, to upgrade your cell phone
3
Contactless pay options at the gas pump is an example of which utility?
Place
Information
Possession
4
Which of the following is an example of a service?
iPhone 13
Apple Watch
Apple TV+ (streaming)
5
These organizations are owned, operated, and funded by the government. Their purpose is to serve the public.
Public Sector
Private Sector
6
This statement: "Our restaurant is open 6 AM - 10 PM, 7 Days a week." is an example of which utility?
Information
Time
Form
7
All of a nation's resources can fall into one of these four categories: Land, Labor, Capital, Entrepreneurship.
False
True
8
A pre-lit Christmas tree with foldable sections, for easy storage, is an example of what utility?
Information
Time
Form
9
Needs are something you must have to survive, whereas wants are things we desire, but can live without.
True
False
10
Wholesalers & retailers, responsible for selling goods & services to customers are considered this type of business.
Intermediaries
Producers
Service Businesses
