FBLA Intro to Business Concepts

Front

Which of the following is correct? A need is necessary for survival, Examples of capital resources are water, iron, air, or gold, Human resources are also called people, Services are things you can buy, like ice cream or textbooks

Back

A need is necessary for survival

Front

The conflict between unlimited wants and limited resources is called:

Back

Scarcity

Front

A cell phone is a need for most people in 2015

Back

True

Front

Which is an example of a service? Smart Board, Hair stylist, Piece of paper, Homeless man

Back

Hair stylist

Front

Do businesses and governments deal with scarcity?

Back

False

Front

Which are types of economic resource? (Options: Wants & Needs, Goods & Services, Scarcity & Surplus, Land, Labor, & Capital)

Back

Land, Labor, & Capital

Front

What is another name for human resources?

Back

Labor

Front

Things that you can see and touch are

Back

Goods

Front

How many steps are in the economic decision making process?

Back

6

Front

The process of choosing which wants, among several wants being considered, will be satisfied

Back

Economic decision making