Economics Weeks 1-5 Review

Individuals or businesses involved in the production of goods and services.

• producers

• consumers

• employers

• employees

People or groups who are the final users of a good or service.

• Producers

• Consumers

• Customers

• Employees

Physical items that satisfy our needs and wants. Items we can see and touch such as food, phones.

• Goods

• Services

• Needs

• Wants

Non – essential goods or services that are always changing.

• Needs

• Wants

• Goods

• Services

Basic nutrition is a ________.

• Need

• Want

• essential

• Good

Employees who work in a business are also consumers.

• True

• False

The actions done for you by others to satisfy your needs and wants are called. (a)  

A person who takes on a risk by starting a business with an idea, hoping to make a profit through initiative and enterprise.

• Entrepreneur

• Entreprener

• Entreeprener

• Businessman

__________ means to provide the good ideas, skills, organisation or vision to be successful.

• Enterprise

• Risk Taking

• Innovation

• Entrepreneur

Developing a vision is a charcateristic of an entrepreneur.

• False

• True