1.1 Satisfying Needs and Wants

Front

_____ are things that are required in order to live.

Back

Needs

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Needs and Wants

Front

_____ are things that add comfort and pleasure to your life.

Back

Wants

Answer explanation

You may believe you can’t live without name brand jeans and the latest cell phone technology, but you can, and many people do.

Tags

Wants Add to the Quality of Life

Front

Is a video game an example of a product that fulfills a need?

Back

No

Tags

Wants Add to the Quality of Life

Front

Is it always easy to determine which products and services satisfy needs and which ones satisfy wants?

Back

No

Answer explanation

The country in which you live, the economic status and lifestyle of your family, and the work you do help determine whether something is really necessary or not.

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Wants Add to the Quality of Life

Front

Economic resources are also known as _______ __ ________.

Back

factors of production

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Economic Resources

Front

Raw materials supplied by nature are called ____________ _________.

Back

natural resources

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Economic Resources

Front

The people who produce goods and services are known as ______ _______.

Back

human resources

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Economic Resources

Front

Farmers who raise livestock and crops are examples of ______ _______.

Back

human resources

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Economic Resources

Front

Water, air, and minerals are examples of ______ _______.

Back

natural resources

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Economic Resources

Front

One type of human resource is an _____________, who is the risk taker who uses resources to create a new product or service.

Back

entrepreneur