NEW
Font size
WorksheetsCh 1.1 Satisfying Needs & Wants / Lesson Review
Total questions: 12
Worksheet time: 6mins
Things that are required in order to live are known as wants.
True
False
Which of the following is an economic need?
a new television
water
concert tickets
a loaded SUV
Goods
are things you purchase only after your basic needs are met.
have no physical characteristics.
must be provided to you at the time you want to consume them.
are things you can see and touch.
Goods and services are purchased by businesses as well as by individuals.
True
False
Buildings, equipment, and supplies are examples of natural resources.
True
False
All economic resources have a limited supply.
True
False
The largest producer of goods and services in the world is
Japan
Russia
the United States
China
People producing goods and services are called
human resources
natural resources
capital resources
limited resources
Things that add comfort and pleasure to your life are
needs
wants
goods
services
Activities provided for the satisfaction of others and consumed at the time of purchase are
goods
services
capital resources
natural resources
A(n) is the risk taker who uses resources in a new way to create a new product or service.
entrepreneur
manager
investor
employee
Name the three factors of production.
natural resources, human resources, and capital resources
goods, services, and wants
land, money, and time
needs, wants, and scarcity
