Jones G220 C1 Basic Economic Concepts Flashcard

Front

Things that are required in order to live are known as wants.

Back

False

Front

Goods and services are purchased by businesses as well as by individuals.

Back

True

Front

Buildings, equipment, and supplies are examples of natural resources.

Back

False

Front

All economic resources have a limited supply.

Back

True

Front

The basic economic problem results from not having enough resources to satisfy every need.

Back

True

Front

Although all nations differ in the type and amount of economic resources they have, they all have the same economic needs.

Back

False

Front

A person who buys and uses goods and services is called a consumer.

Back

True

Front

Which of the following is an economic need? a new television, water, concert tickets, a loaded SUV

Back

water

Front

Goods are things you:

Back

can see and touch.

Front

If everybody had an unlimited supply of economic resources, which of the following would NOT exist? wants, needs, goods, services

Back

wants