Intro - Ch 1 - Fall 2017

T/F: Wants are necessary needs.

Those who determine which prod/servs will be available for sale.

T/F: When your wants and needs conflict with your resources, you must make a choice.

Which of the following is NOT an example of a human resource?

If many consumer want a particular service, its price will probably go up

Point at which supply and demand are equal

T/F: Capital resources become factors of production when we use them to produce goods.

Tasks people or machines perform for payment

What are the means to produce goods and services called?

A system in which a central authority (the state) makes key economic decision

Which of the following is NOT a service?

Process of choosing which wants, among several options, will be satisfied

Anything you can use to make or obtain what you need or want

Which of the following could be a consumer?

Which of the following is NOT a Factor of Production?

T/F: Services can by physically weighed or measured, but goods cannot.

What is an activity that seeks profit by providing goods/servs to others?

Quantity of a good/serv that consumers are willing and able to buy

Which is NOT a characteristic of capitalism

Contest between businesses to win customers.

T/F: The economy of many countries is based on natural resources.

When you give up something to have something else.

What is the mismatch of unlimited wants and limited resources called?

What must businesses provide to consumers in order to satisfy needs and wants?

T/F: We need labor to turn natural resources into goods and services.

A shortage of resources is known as:

The value of the next-best alternative that you did NOT choose