Chapter 1 Assessment

Which of the following is an economic want?

• Food

• Shelter

• Smartphone

• Clothing

People who purchase goods and services are called:

• Customers

• Economists

• Employees

• Business people

An organized way in which a state or nation distributes its resources and provides goods and services to the community is called:

• Standard of living

• Investment

• Economics

• Economic system

Labor is:

• Raw materials found in nature

• Equipment a business uses

• Any service a person does for a company

• Something we desire but could ultimately live without

Which is an example of an operational business activity?

• Repaying debt

• Purchasing stock

• Administrative duties

• Providing loans to customers

Define: Product

Define: Net worth

Define: Markets

Define: Economics

Define: Economic activity