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Busiess Chapter 1

Needs and Wants

What are things that are required in order to live? Needs
What are some examples of peoples needs? Food,water, clean air, clothing, and shelter
What are things that add comfort and pleasure to your life? Wants
What are some examples of peoples wants? latest fashion, CD, movie, cell phone, tv
What can determine if something is a need or a want? The country you live in, the economic status, lifestyle of your family, and where you work.
What are things that you can see and touch and are the products you can purchase to meet your wants? Goods
What are activities that are consumed at the same time they are produced? Services
What is the country that is the largest producer of goods and services, has twice the amount of malls as high schools, and many people are in debt or paying off loands? United States
What are the means through which goods and services are produced? Economic resources
What are raw materials supplied by nature? Such as oil, minerals, and nutrients needed to grow crops and to feed animals? Natural resources
Created by: morgie.marie