16 questions
______ is any physical environmental item that people perceive to be useful.
human resource
natural resource
capital resource
distribution
_____ is equipment or goods (machinery, tools, factories, stores, vehicles, etc.) that are used to produce other goods and services.
human resource
natural resource
capital resource
production
_____ is workers and their abilities, talents, training, skills, and knowledge used to produce goods or services
human resource
capital resource
natural resource
production
What is the process of making goods and services?
production
distribution
consumption
What is it called to move goods and services directly to or near consumers?
production
consumption
distribution
What is the process of using natural resources or goods and services?
production
consumption
distribution
What is the study of how people use resources to produce, distribute, and consume goods and services?
tariff
economics
trade
import
What is a product that people in one country sell to people in another country?
import
export
trade
tariff
What is a product that people in one country buy from people in another country?
import
export
trade
tariff
What is a tax placed on products that go from one country to another?
trade
tariff
import
economics
What is the act or process of exchanging goods or services one has for the goods or services one wants?
trade
tariff
import
economics
What is consumers’ willingness and ability to purchase a product or service?
demand
supply
competition
profit
What is the amount of a product or service that is available for consumers to buy?
demand
supply
scarcity
profit
What is not enough supply or a very small supply?
demand
supply
scarcity
competition
What is the money or value that is gained after you subtract the costs involved?
demand
supply
scarcity
profit
What is the act or process of trying to get or win something that someone else is also trying to get or win?
scarcity
profit
competition
loss