PBMF Chapter 1 Review

Your needs and wants are unlimited

• True

• False

Things that are required in order to live are wants

• True

• False

Examples of this include name-brand jeans, latest smartphone upgrade and a luxury sports car

• needs

• services

• goods

• wants

Things that you can see and touch

• needs

• services

• goods

• wants

Activities provided for the satisfaction of others that are consumed at the same time they are produced and are intangible

• needs

• services

• goods

• wants

Farmers, factory workers, salespeople, truck drivers and engineers are all known as what kind of resource?

• Natural resources

• Economic Resources

• Capital resources

• Human resources

This resource would include oil, coal, minerals, rivers, and air

• Natural resources

• Economic Resources

• Capital resources

• Human resources

The products and money used in the production of goods and services - would include land, buildings, money, and equipment

• Natural resources

• Economic Resources

• Capital resources

• Human resources

The mismatch of unlimited wants and needs and limited economic resources is known as

• Marketplace

• Business competition

• Basic economic problem

• Management strategy

Not having enough resources to satisfy every need

• Trade-off

• Opportunity costs

• Choices

• Scarcity