Business essentials review 3

Resources that enable businesses to operate are also known as

•  

  sales.

• inputs.

• outputs.

• revenues.

Which of the following statements regarding economic resources is true:

• As businesses grow and become more complex, they typically require fewer resou

• Natural resources, human resources, and capital goods are often referred to as factors of production.

• Industrialized nations typically require fewer capital goods than developing countries.

• Similarly sized businesses within the same industry usually use identical resources.

When producers use the best combination of resources, consumers are more likely to get goods and services that

• they do not need.

• they want.

• are best known.

• cost more.

Using a stream to supply water for crops is an example of using

• natural resources.

• nonrenewable resources.

• human resources.

• capital goods.

A salesclerk working part-time at a clothing store is an example of a(n)

• human resource.

• capital good.

• natural resource.

• unlimited resource.

Into what two categories can wants be divided?

• Unlimited and noneconomic

• Economic and noneconomic

• Unlimited and economics

• Unlimited and limited

Seeing a movie at a theater would be considered a(n) __________ want.

• noneconomic

• unlimited

• limited

• economic

Friendship would be considered a(n) __________ want.

•  

  noneconomic

• economic

• limited

• unlimited

Which of the following groups of words best describes wants:

• Unlimited, unchanging, and compensating

• Unlimited, changing, and competing

• Limited, unchanging, and competing

• Limited, changing, and compensating

Water and air are examples of __________ resources, while people are considered to be __________ resources.

• natural; human

• physical; mental

• mental; natural

• capital; human