Business Essentials - 2.02C Economics and Economic Activities

Front

Into what two categories can wants be divided? Unlimited and noneconomic, Economic and noneconomic, Unlimited and limited, Unlimited and economics

Back

Economic and noneconomic

Front

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

Back

economic

Front

Friendship would be considered a(n) __________ want.

Back

noneconomic

Front

Which of the following groups of words best describes wants:
Limited, changing, and compensating; Limited, unchanging, and competing; Unlimited, unchanging, and compensating; Unlimited, changing, and competing

Back

Unlimited, changing, and competing

Front

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

Back

natural; human

Front

In economics, capital goods include

Back

buildings and equipment.

Front

Why are resources considered limited?

Back

There are not enough available for everyone to have as much of them as desired.

Front

A gap between unlimited wants and limited resources creates

Back

scarcity.

Front

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

Back

economizing.

Front

What was the opportunity cost of John deciding to spend his $40 on the amusement park?

Back

New pair of jeans