Chapter 1 - Basic Economic Concepts

Which is an example of a want?

• Basic Meal

• Water

• Smart Phone

• Shelter

Which is a product (good)?

• Mowing a lawn

• A book

• Changing Oil in a car

• Styling hair

Which is an example of a need?

• Food

• Clothing

• Shelter

• All are examples of needs.

Tasks that businesses perform for consumers are called?

• Services

• Wants

• Needs

• Goods

The contest between businesses to win customers.

• Profit

• Competition

• Non-profit

• Business

The money left over after a business has paid the cost of providing its goods and services.

• Profit

• Competition

• Business

Commercial activity that seeks profit by providing goods or services to others in exchange for money.

• Profit

• Competition

• Business

Items that people can use to make or obtain what they need or want.

• Goods

• Services

• Resources