Intro to Business--Module 1 Review

Wants are unlimited.

• True

• False

Wants are things not necessary for survival, but which add comfort and pleasure to our lives.

• True

• False

Which of the following are examples of wants? (Check all that apply)

• Shelter

• Playstation

• Water

• Furniture

A want is something that is necessary for survival.

• True

• False

Which of the following are examples of natural resources? (Check all that apply)

• Factories

• fish

• gold

• money

Things you can see and touch are referred to as goods.

• True

• False

The conflict between unlimited wants and limited resources is referred to as ____.

• scarcity

• prosperity

• unemployment

• inflation

Which of the following are examples of capital resources? (Check all that apply)

• Computer

• Iron ore

• Employee

• Display Case

Our wants that are satisfied through the efforts of other people or by equipment is referred to as goods.

• True

• False

The means through which goods and services are called the factors of ____.

• profit

• prosperity

• production

• people