PBMF - Chapter 1

Your wants can go on and on and they change everyday.

• True 
• False

You satisfy needs and wants by purchasing and consuming goods and services.

• True 
• False

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

• True
• False

Wants are things that are required in order to live.

• True
• False

_______ are things that you can see and touch,

• Needs
• Wants
• Services
• Goods

______ is an example of a service.

• Bottle of soda
• Car
• mechanical work
• watch

Market price for a product is the point where supply and demand are equal.

• True
• False

Raw materials supplied by nature are considered __________.

• Human Resources
• Natural Resources
• Economic Resources

Which answer is an example of a human resources?

• river
• air
• farmer
• building

All economic resources have a limited supply.

• True
• False