chapter 1 :Section 1.1

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chapter 1 :Section 1.1


chapter 1 :Section 1.1Versión en línea Choose the correct answer: por sara khater 1 Needs can be defined as a Are things that you must have to survive. b Are things that you must have to appear better c Are wants you must have 2 Private needs are known as a One person wanting a number of things b A group of people sharing the same wants. c A whole community sharing the same wants 3 Goods are physical products a True b False 4 Are things you aim to own but can survive without them. a needs b wants c services 5 Wants that are widely shared by many people. a Private wants b Public wants c Goods and services 6 The four factors of production a land-labor-capital-money b land- labor-capital-buildings c land-labor-capital-entrepreneurship 7 Scarcity is a Demand is greater than availability b Demand is equal to availability c Demand is less than availability 8 The economic problem can be explained as: a limited needs and unlimited resources b limited resources and unlimited wants and needs c limited resources and limited wants and needs 9 Opportunity cost means : a The value of the choice taken b Is the value of the best alternative forgone c Is the value you pay for the resources 10 The decision making process consists of : a 4 Steps b 5 Steps c 6 Steps 11 Identify the situation is : a STEP 2 b STEP 1 c STEP 4 12 Determine the pros and cons is : a step 1 b step 5 c step 3 13 Evaluate your decision is: a step 5 b step 1 c step 2 14 Identify possible courses of action is: a step 3 b step 1 c step 2 15 Make a decision is: a step 1 b step 4 c step 5 16 Helps you make good choices. It helps you to identify and consider your various alternatives and their consequences before you make a final decision. a Economic problem b Planning process c Decision - making process 17 We use the decision- making process in taking: a personal decision making b business decision making c 18 Items that producers can use to make or obtain what they need or want. a products b Resources (like land and labor) c services 19 Why should businesses understand the difference between needs and wants? a To decide what customers should buy b To reduce the cost of production c To market products effectively and meet customer expectations 20 Which product is MOST likely to be marketed as both a need and a want depending on the customer? a Basic food items b Cell phone c Electricity

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chapter 1 :Section 1.1Versión en línea

por sara khater

Needs can be defined as

Private needs are known as

Goods are physical products

Are things you aim to own but can survive without them.

Wants that are widely shared by many people.

The four factors of production

Scarcity is

The economic problem can be explained as:

Opportunity cost means :

The decision making process consists of :

Identify the situation is :

Determine the pros and cons is :

Evaluate your decision is:

Identify possible courses of action is:

Make a decision is:

Helps you make good choices. It helps you to identify and consider your various alternatives and their consequences before you make a final decision.

We use the decision- making process in taking:

Items that producers can use to make or obtain what they need or want.

Why should businesses understand the difference between needs and wants?

Which product is MOST likely to be marketed as both a need and a want depending on the customer?