Intro to Business Chapter 1

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

The conflict between unlimited wants and limited resources is called:

• Basic economic scarcity
• Wants
• Scarcity
• Factors of Production

A cell phone is a need for most people in 2015

• True
• False

Which is an example of a service?

• Smart Board
• Hair stylist
• Piece of paper
• Homeless man

Businesses and governments don't deal with scarcity

• True
• False

Which is are types of economic resource?

• Wants & Needs
• Goods & Services
• Scarcity & Surplus
• Land, Labor, & Capital

What is another name for human resources?

• Labor
• People
• Homies
• Workers

Things that you can see and touch are

• Wants
• Services
• Goods
• Needs

How many steps are in the economic decision making process?

• 3
• 5
• 6
• 7

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

• Defining the problem
• Basic economic problem
• Factors of production
• Economic decision making