Business Vocabulary 1 Test

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Economic Want:

Back

Desires for items that can only be obtained by spending money

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Consumer Goods:

Back

Tangible items produced for personal use

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Noneconomic Want:

Back

Desires for things that can be obtained without spending money (e.g., fresh air and sunshine).

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Natural Resources: Examples include trees, air, and land.

Back

Natural resources are tangible items that will be consumed by industrial users.

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Services:

Back

Tasks performed for the benefit of the recipients

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Factors of Production:

Back

Productive resources; human and natural resources and capital goods

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Wants: A desire for something that may or may not be required

Back

A desire for something that may or may not be required

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Capital Goods:

Back

All manufactured/ created items that are used to produce goods and services

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The study of how to meet unlimited, competing wants with limited resources

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Economics

Front

Tangible items that will be consumed by industrial users

Back

Industrial Goods