INTRO TO BUSINESS - CHAPTER 1

Which of the following is correct?

• A need is necessary for survival
• Examples of capital resources are water, iron, air, or gold
• Human resources are also called people
• Services are things you can buy, like ice cream or textbooks

Which is an example of a service?

• Smart Board
• Hair stylist
• Piece of paper
• Homeless man

Things that you can see and touch are

• Wants
• Services
• Goods
• Needs

How many steps are in the economic decision making process?

• 3
• 5
• 6
• 7

When you go to a movie, make a deposit at the bank, get a haircut, take a swimming lesson, use your telephone, or ride a bus, you are using services.

• True
• False

Wants are limited

• True
• False

The first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.

• True
• False

Things that add comfort and pleasure to your life.

• Wants
• Needs
• Producers
• Consumers

All businesses manufacture products.

• True
• False

The money left over after a business has paid all the costs of operating the business is 

• profit
• loss
• money
• taxes