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Worksheetsprinciples of business & finance study guide
Total questions: 25
Worksheet time: 13mins
a desire for something that may or may not be required.
want
need
resource
option
tangible objects that can be produced or manufactured for resale.
services
goods
want
trade
what are the two basic types of wants?
noneconomic & limited
economic & unlimited
wants & needs
economic & noneconomic
which is NOT apart of the three economic questions?
what to produce?
what to consume?
how will products be produced?
how to allocate products?
the process or activity of using goods and services.
production
consumer
producer
consumption
the people who make or provide goods and services.
production
consumer
producer
consumption
anyone who uses goods and services.
production
consumer
producer
consumption
the economic process or activity of producing goods and services.
production
consumer
producer
consumption
a marketing/business function that is responsible for moving, storing, locating, and/or transferring ownership of goods and services.
exchange
distribution
economics
resources
the process of trading one good/service for another.
exchange
distribution
economics
resources
which is NOT a characteristic of wants?
unlimited
changeable
unchangeable
competing
tangible items produced for personal use.
services
industrial goods
consumer goods
needs
tangible items that will be consumed by industrial users.
services
industrial goods
consumers goods
needs
any items that can be used to produce goods and services.
exchange
distribution
economics
resources
human and natural resources and capital goods.
natural resources
human resources
capital goods
factors of production
physical and mental work used to produce goods and services. (anyone who works)
natural resources
human resources
capital goods
factors of production
items that are found in nature that are used to produce goods and services.
natural resources
human resources
capital goods
factors of production
all of the manufactured or constructed items that are used to produce goods and services.
natural resources
human resources
capital goods
factors of production
what is relative price?
how much you spend on a budget
one price compared to another
the amount paid after tax
the price of just one item
what is scarcity?
deciding which products/services to use to obtain maximum satisfaction
giving up one thing to get another
when the supply is greater than the demand
the gap between unlimited wants and limited resources
what is economizing?
deciding which products/services to use to obtain maximum satisfaction
giving up one thing to get another
when the supply is greater than the demand
the gap between umlimited wants and limited resources
what are trade-offs?
deciding which products/services to use to obtain maximum satisfaction
giving up one thing to get another
when the supply is greater than the demand
the gap between unlimited wants and limited resources
what is surplus?
deciding which products/services to use to obtain maximum satisfaction
giving up one thing to get another
when the supply is greater than the demand
the gap between unlimited wants and limited resources
distributing resources or services for a certain reason
allocate
produce
consume
economics
the study of the production, distribution, and consumption of goods.
exchange
distribution
economics
resources
