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business chapter1
needs and wants
Question | Answer |
---|---|
What are needs? | Things that are required in order to live. |
What are wants? | Things that add comfort and pleasure to your life? |
What are goods? | Thinkgs that you can see and touch. |
What are services? | Activities that are consumbed at the same time they are produced. |
What are economic resources? | The means through which goods and services are produced. |
What are natural resources? | Raw materials supplied by nature. |
What are human resources? | Pople producing goods and services? |
Who is the largest producer of goods and services in the world? | The United States. |
What are capital resources? | The products and money used in the production of goods and services. |