Final review 1

Wants and needs determine what products and services businesses provide.

• True
• False

Resources do not limit the number of needs and wants people can satisfy.

• True
• False

Businesses rarely consider profits when supplying goods and services.

• True
• False

Market research does not provide enough information for businesses to use in decision making.

• True
• False

Scarcity occurs when supply exceeds demand.

• True
• False

The United States has a market economy, or a free enterprise system

• True
• False

In a free enterprise system, consumers choose their occupations and decide where to live, where to shop, and what to buy.

• True
• False

In the free enterprise system, or market economy, individuals are responsible for being informed and making careful decisions

• True
• False

During the 1600s, the colonists created an agriculture-based economy.

• True
• False

An important measure of a country’s economic health is its standard of living.

• True
• False