Ch. 1 Review

Products are commonly known as _____.

• needs and wants

• goods and services

• factors of production

• functions of business

Something that a person desires, but can live without

• product

• good

• want

• need

An action or task that is performed, usually for a fee

• business

• profit

• capitalism

• factors of production

• service

A physical item that can be touched is called:

• good

• service

• market

• need

Something that is needed to survive is called:

• want

• need

• service

• good

Anything that can be bought and sold

• market

• product

• customer

• scarcity

• economics

Something that a person desires, but can live without

• product

• good

• want

• need

Anywhere a business exchange takes place

• market

• product

• customer

• scarcity

• economics

An action or task that is performed, usually for a fee (consumed at the time it is purchased) is called:

• product

• service

• market

An individual or group who buys products

• market

• product

• customer

• scarcity

• economics