Economic Concepts

Select example of needs from below

• Food

• Water

• iphone

• shelter

(Check all that apply) What is the basic difference between a produced Good and a Service?

• A good is tangible (concrete) while a service is intangible (abstract)

• A good is something that can be touched/felt while a service is something that cannot be touched/felt

• A good is always good while a service is often bad.

• A good is considered a factor of production and so is a service.

People who use goods and services to satisfy needs and wants are known as

• Producers.

• Traders.

• Consumers.

• Americans.

Is owned and operated by one individual

• Sole Proprietorship

• Limited Partnership

• Partnership

• General Partnership

Is your businesses legal name and is the name you use on your government forms and business paperwork

• Trade Name

• Business Name

• Domain Name

• Service Name

What is the motive of business?

• to compete with other businesses

• to make a profit

• to provide goods and services

• to offer competitive prices

To avoid failure, a business can modify

• its business practices

• its products

• its services

• all of the above

Things we desire to have are called

• Needs

• Wants

• Resources

• Phone

Physical and tangible things you buy are called

• services

• wants

• goods

• needs

Productivity (the efficient use of productive resources) increases when...

• less output can be produced from the same amount of input.

• more output can be produced from an increased amount of input.

• more output can be produced from the same amount of input.

• less output can be produced from a decreased amount of input.