INTRO 1-1, 1-2

Your needs and wants never end.

• True
• False

Products and money used in the production of goods and services are called natural resources.

• True
• False

The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.

• True
• False

The first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.

• True
• False

Things that add comfort and pleasure to your life.

• Wants
• Needs
• Producers
• Consumers

Things that you can see and touch.

• Tangible, Goods
• Tangible, Services
• Intangible, Goods
• Intangible, Services

When you give up something to have something else.

• Economic Decision Making Process
• Opportunity Cost
• Tradeoff
• Scarcity

Things you cannot see, nor touch.

• Tangible, Goods
• Tangible, Services
• Intangible, Goods
• Intangible, Services

The value of the next best alternative.

• Decision Making Process
• Opportunity Cost
• Tradeoff
• Scarcity

Not having enough resources to satisfy every need.

• Decision Making Process
• Opportunity Cost
• Tradeoff
• Scarcity