Economics
What goods and services should be produced to meet consumer needs?
Basic necessities such as food, clothing, and shelter. Convenience goods and services such as fast food, online shopping, and home delivery services.
A person who works for someone else
Employee
Things that are required in order to live are known as ....?
Needs
How should they be produced, and who should produce them?
firms determine how to produce them
What is evaluation of your strengths and weaknesses?
Self Assessment
Things that add comfort or pleasure to your live are know as ....?
Wants
Who should receive goods and services?
Consumers who are willing to buy the products and those who can afford them.
People who own, operate, and take risk of a business venture
Entrepreneurs
Things that you can see and touch are known as ...?
Goods
How will the system accommodate change?
Changes in consumer demand affect prices and profits, leading firms to change production.
The ability to learn a particular job
Aptitude
_______ are activities that are consumed the same time they are produced
Services
How will the system promote progress?
Through the profit potential that encourages development of new technology.
Which is NOT a disadvantage of Entrepreneurship?
You are the boss
______ and ______ are unlimited and never end
Needs and Wants