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POB Ch. 1.1 Vocabulary

Total questions: 10

Worksheet time: 3mins

Name
Class
Date
1.

____ are things that are required in order to live.

a)

services

b)

goods

c)

needs

d)

wants

2.

_____ are things that add comfort and pleasure to your life.

a)

goods

b)

services

c)

wants

d)

needs

3.

____ are things that you can see and touch.

a)

needs

b)

wants

c)

goods

d)

services

4.

____ are activities provided for the satisfaction of others that are consumed at the same time they are produced.

a)

services

b)

goods

c)

wants

d)

needs

5.

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

a)

needs

b)

wants

c)

economic resources

d)

environmental resources

6.

Economic resources are also known as ____.

a)

goods

b)

services

c)

factors of production

d)

securities

7.

The people who produce goods and services are known as ____.

a)

natural resources

b)

human resources

c)

environmental resources

d)

all of the above

8.

The risk taker who uses resources to create a new product or service is called a(n) ____.

a)

employee

b)

banker

c)

investor

d)

entrepreneur

9.

The products and money used in the production of goods and services are called ____.

a)

capital resources

b)

natural resources

c)

economic resources

d)

human resources

10.

Your needs and wants never end.

a)

true

b)

false