PoB 5.01 Review A

Tangible items that will be consumed by industrial users

• Consumer

• Consumer Goods

• Service

• Industrial goods

The study of how to meet unlimited, competing wants with limited resources

• Economics

• Economizing

• Opportunity Cost

• Trade-offs

People are considers Human resources?

• True

• False

Buildings, equipment and transportation systems are considered

• natural resources

• capital resources

• human resources

• none of the above

Tangible objects that can be manufactured or produced for resale

• Consumer Goods

• Goods

• Services

• Industrial Services

A desire for something that may or may not be required

• Need

• Utility

• Want

• trade-off

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

• Economics

• Economizing

• Opportunity Cost

• Trade-offs

The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained; deciding how scarce resources will be used

• Economics

• Economizing

• Opportunity Cost

• Trade-offs

Select ALL that are natural resources

• Trees

• Cars

• Water

• Paper

• Computers

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

• ECONOMICS

• OPPORTUNITY COST

• TRADE-OFFS

• ECONOMIZING