Chapter One Review

Which of these is NOT one of the 3 main resources?

• money

• labor

• exchange

• materials

The simple rule that businesses and consumers should follow is always to fulfill your wants before your needs.

• True

• False

Businesses can tell if consumers are liking what they are making and selling through how much profit they are making.

• True

• False

Consumers wants and needs never change.

• True

• False

What is our biggest economic problem in society?

• Unlimited Resources

• Limited resources

• Labor Shortages

• Internet Fees

An individual who buys goods and services from businesses.

• Consumer

• Producer

• Services

• Businesses

Work that businesses perform for consumers

• Services

• Goods

• Economic Activity

• Profit

The activity of making a profit by producing and selling consumers goods and services in exchange for money

• economic activity

• profit

• economics

• business

The activity of producing and selling goods or services and making them available to all consumers.

• Economic Activity

• Economics

• Services

• Goods

The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.

• Economic

• Business

• Role of Business

• Economic Activity