Ch 1 Business

Front

Your needs and wants never end.

Back

True

Front

Products and money used in the production of goods and services are called natural resources.

Back

False

Front

The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.

Back

True

Front

The United States could best be characterized as a market economy.

Back

True

Front

The right of private property means you can own, use, or dispose of things of value.

Back

True

Front

In a market economy, buying decisions are made by consumers.

Back

True

Front

If many consumers want a particular service, its price will probably go up.

Back

True

Front

All of the following are needs EXCEPT: shelter, food, water

Back

car

Front

The things available to be used to produce goods and services.

Back

economic resources

Front

All of the following is a capital resource EXCEPT: a truck, a factory, lumber, oil

Back

oil