Economic Decisions and Systems

____________ are essential, while ___________ just add to the quality of life.

• Goods, services

• Needs, wants

• Products, services

• Wants, needs

True or False?

Purchasing and consuming goods and services is how you satisfy your needs and wants.

• True

• False

Needs and wants are ______________, while our resources are _____________.

• satisfied, unsatisfied

• limited, unlimited

• unlimited, limited

• necessary, unnecessary

Which of the following is NOT an economic resource?

• Natural Resource

• Capital Resource

• Human Resource

• Monetary Resource

Which of the following is a capital resource?

• Water

• Labor

• Buildings

• Animals

True or False?

The basic economic problem is that we have unlimited needs and wants, but we have limited resources.

• True

• False

True or False?

Scarcity means not having enough resources to satisfy every need.

• True

• False

Things available to be used to produce goods and services

• goods

• market price

• demand

• economic resources

Things that are required in order to live

• needs

• wants

• chocolate

• luxuries

Not having enough resources to satisfy every need

• needs

• wants

• scarcity

• luxuries