Ch. 1 Business in the Global Economic Environment Flashcards
1
Q
Objects required to live.
A
Needs
2
Q
Objects that are not necessary to live but add to the quality of life.
A
Wants
3
Q
Products that you can see and touch.
A
Goods
4
Q
Products you can’t see or touch.
A
Services
5
Q
The raw materials supplied by nature.
A
Natural Resources
6
Q
People who produce goods and services.
A
Producers
7
Q
The products and money used in the production of goods and services.
A
Capital Resources
8
Q
The people that invest their money in a product to earn a profit.
A
Investors
9
Q
Having an unlimited amount of wants and needs but a limited supply of economic resources.
A
The Basic Economic Problem
