Unit 1 - Intro to Business

These are things which are required in order to survive.

• Wants

• Needs

• Needs and Wants

• None

These items add comfort and pleasure in anyone's life.

• Needs

• Wants

• Needs and Wants

• None

Examples: Food, Water, Shelter, Clothing

• Needs

• Wants

Examples: Latest cell phone, Video games, Branded clothes

• Needs

• Wants

Economic Resources are also known as ____________.

• Types of resources

• Factors of Production

• Water and Food

• All of the above

These are the things available to be used to produce goods and services.

• Economic Resources

• Factors of Production

• Both

Types of Economic Resources

• Human

• Natural

• Capital

• All the three

The basic Economic Problem is ___________.

• Scarcity

• Opportunity Cost

• Unlimited Needs

• Unlimited Wants

How can a society deal with scarcity?

• Reducing Needs and Wants

• Increasing Supply

• Both of the above

The value of the next best alternative when making a decision.

• Scarcity

• Opportunity Cost

• Economic Resources

• None