Principles of Business, Marketing, Finance Final Exam Review

Front

What is a need?

Back

Something you have to have to live

Front

What is a service?

Back

Something you do for another person

Front

What is a good? Options: A need, A baseball game, Things people do for money, Things that people make or grow

Back

Things that people make or grow

Front

What is a job?

Back

Something you do to earn money

Front

What is a want?

Back

Something you would like to have but don't need to live

Front

Societies are faced with which three basic questions about production of goods?

Back

what, how, and for whom

Front

A nation's wealth is made up of

Back

all tangible and intangible items

Front

Oil, natural gas, and coal are called ________resources because they are not easy to replace.

Back

nonrenewable

Front

The difference between a good and a service is that:

Back

Goods are tangible and services are not

Front

What is the major difference between scarcity and a shortage?

Back

Shortages are temporary and scarcity always exist.