Intro to Business Chapter 1-2

One of the problems in economics is that wants are unlimited

• True

• False

There are only two kinds of economic resources: Human and Capital.

• True

• False

Some resources, such as clean air and water, are limited.

• True

• False

Which of the following statements about natural resources is true?

• Natural resources sometimes satisfy wants by themselves

• Natural resources always require people to turn them into goods.

• Natural resources come from the earth and water, but not the sky.

• Natural resources include people who operate plows and tractors.

The cashier at the supermarket is part of ________.

• natural resources

• capital resources

• human resources

• none of these are correct

Members of a family might not be able to afford the things they want because of an economic factor called _______

• the basic economic problem

• the family economic problem

• multiple greed

• human desires

What step is defining the problem in the decision-making process?

• second

• first

• last

• third

A weekend ski trip, a summer home at the lake, and a new 60-inch TV are all examples of _______

• needs

• wants

• resources

• scarcity

Sneakers, a basketball, and a sports magazine are examples of _______

• goods

• scarcity

• capital

• needs

When you must choose between two alternatives that will satisfy you, for example, buying a new video game or going to see a movie, you are making ______

• capital investments

• factors of production

• economic choices

• limited resources