Chapter 1 Economic Systems and Decisions

Things that are required in order to live are known as _____.

• wants

• needs

• services

• goods

Things you can see and touch are called _____.

• wants

• needs

• goods

• services

The rivalry among businesses to sell their goods and services is known as _____.

• scarcity

• profit

• entrepreneur

• competition

Things that add comfort and pleasure to your life are called _____.

• wants

• needs

• goods

• services

Activities provided for the satisfaction of others and consumed at the time of purchase are called _____.

• wants

• needs

• goods

• services

The money left over from sales after all the costs of operating a business have been paid is called _____.

• scarcity

• profit

• competition

• entrepreneur

The limited availability of resources to fulfill human wants is known as _____.

• scarcity

• profit

• competition

• entrepreneur

Someone who takes the risk and uses resources in a new way to create a new product or service is called ____.

• scarcity

• profit

• competition

• entrepreneur

Who can purchase goods and services?

• individuals

• businesses

• neither individuals or businesses

• both individuals and businesses

What is the basic economic problem?

• not having enough resources to satisfy every need

• having too many wants and not enough needs

• unlimited resources and unlimited needs

• limited needs and unlimited resources