Intro to Business Module 1 Flashcard

Front

Wants are things not necessary for survival, but which add comfort and pleasure to our lives.

Back

True

Front

True or False Wants are things not necessary for survival, but which add comfort and pleasure to our lives?

Back

True

Front

The means through which goods and services are produced are called the factors of .

Back

production

Front

Our wants that are satisfied through the efforts of other people or by equipment is referred to as goods. True or False?

Back

False

Front

The price of a product made with scarce natural resources tends to be high.

Back

True

Front

The conflict between unlimited wants and limited resources is referred to as .

Back

scarcity

Front

A want is something that is necessary for survival.

Back

False

Front

Wants are unlimited.

Back

True

Front

If a business has overstocked a product, it would be more likely they would the price of the product?

Back

decrease

Front

Things you can see and touch are referred to as goods. True or False?

Back

True