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business chapter one
Needs and Wants
Question | Answer |
---|---|
What are things that are required in order to live? | Needs |
What are things that add comfort and pleasure to your life? | Wants |
Whats are things that you can see and touch? | Goods |
What are activities that are consumed at the same time they are produced? | Services |
What means through which goods and services are produced? | Economic Resources |
What are people producing goods and services? | Human Resources |
What are raw materials supplied by nature? | Natural Resources |
What is someone who is a risk taker who uses resources in an entirely new way to create a new product or service? | Entrepreneur |
What is the products and money used in the production of goods and services? | Capital Resources |
What means not having enogh resources to satisfy every need? | Scarcity |