Economics: Business Wants & Needs

Things we wish for are called...

• wants

• needs

• toys

• goals

Things a person must have for survival, such as food, shelter, and clothing are called...

• wants

• needs

• essentials

• goals

Goods are...

• jobs that people or machines do for other people.

• actual things that can be physically weighed or measured.

True or False: Ideas are goods.

• True

• False

What are jobs that people or machines do for other people?

• Goods

• Services

• Products

• Activities

The amount of money left over after a business has paid for the cost of producing goods and services is called what?

• Revenue

• Expenses

• Profit

• Bank

What do you call a contest between businesses to win customers?

• Game

• Advertising

• Marketing

• Competition

A person who selects, purchases, or uses goods or services is called a...

• Buyer

• Consumer

• Purchaser

• Business

The amount of money a business brings in from sales of a product or service is called what?

• Expenses

• Profit

• Revenue

• Bank

The amount of money a business has to spend on production costs, bills, employees, etc. is called what?

• Expenses

• Profit

• Revenue

• Bank