POB Ch. 1.1 Vocabulary

____ are things that are required in order to live.

• services

• goods

• needs

• wants

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

• goods

• services

• wants

• needs

____ are things that you can see and touch.

• needs

• wants

• goods

• services

____ are activities provided for the satisfaction of others that are consumed at the same time they are produced.

• services

• goods

• wants

• needs

____ are the things available to be used to produce goods and services.

• needs

• wants

• economic resources

• environmental resources

Economic resources are also known as ____.

• goods

• services

• factors of production

• securities

The people who produce goods and services are known as ____.

• natural resources

• human resources

• environmental resources

• all of the above

The risk taker who uses resources to create a new product or service is called a(n) ____.

• employee

• banker

• investor

• entrepreneur

The products and money used in the production of goods and services are called ____.

• capital resources

• natural resources

• economic resources

• human resources

Your needs and wants never end.

• true

• false