Understanding Business Resources and Needs

What is a need?

• Something you want but can live without

• Something you have to have every day

• Something you can wait for

• Something everyone wants at the same time.

Which statement is true? A) Needs change with time B) Wants are things you must have C) Needs are things you have to have every day D) Everyone wants the same things at the same time.

• Needs change with time

• Wants are things you must have

• Needs are things you have to have every day

• Everyone wants the same things at the same time.

Which of the following is NOT a natural resource?

• Wind

• Sun

• Computer

• Trees

Fill in the blank: People who use their skills to make something are called ________ resources.

• Natural

• Human

• Capital

Which of these is an example of a human resource?

• Wind turbine

• Doctor

• Coconut tree

• Honey bee

Fill in the blank: ________ resources are things like minerals, trees, and animals.

• Human

• Capital

• Natural

Which of the following is a capital resource?

• Lavender blossoms

• Lawn mower

• Honey bee

• Teacher

In a free enterprise system, who determines the businesses, goods, and services?

• The government

• People's needs and wants

• Only large companies

• International markets

Fill in the blank: The money left over after a business pays all its expenses is called ______.

• Income

• Loss

• Profit

• Debt

What happens when the expenses of a business cost more than the income?

• Profit

• Break-even

• Loss

• Surplus