
Chapter 1 Test Review
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
What are Needs?
Back
Things that are required in order to live.
2.
FLASHCARD QUESTION
Front
What are Wants?
Back
Things that add comfort and pleasure to your life.
3.
FLASHCARD QUESTION
Front
What are Goods?
Back
Things you can see and touch; they are products you can purchase to meet your wants and needs.
4.
FLASHCARD QUESTION
Front
What are Services?
Back
Activities provided for the satisfaction of others that are consumed at the same time they are produced.
5.
FLASHCARD QUESTION
Front
What are Economic Resources?
Back
Things available to be used to produce goods and services.
6.
FLASHCARD QUESTION
Front
What is Scarcity?
Back
Not having enough resources to satisfy every need.
7.
FLASHCARD QUESTION
Front
What is Economic Decision Making?
Back
The process of choosing which needs and wants will be satisfied.
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