Chapter_1_Study_Guide_Answers (1).pdf - Name Key Period Days Study Guide for Chapter 1(15 Points 1 What is the difference between goods and services

Chapter_1_Study_Guide_Answers (1).pdf - Name Key Period...

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Name Key Period____________________ Days____________ Study Guide for Chapter 1 (15 Points) 1. What is the difference between goods and services? Goods are physical products Services are tasks that businesses perform for consumers 2. What are resources? are items that people can use to make or obtain what they need or want 3. What is competition? Does it help or hurt the consumer? Companies thrive on competition , the contest between businesses to win customers. 4. Competition forces businesses to decide how to best use and conserve their resources . 5. Fill in the blanks of this sentence: Most people have unlimited wants for limited goods and services. 6. What is the primary reward for businesses to satisfy needs and wants of consumers? making profits. 7. How can businesses stay competitive and successful in the marketplace? Products, services, price, quality 8. What are the 5 basic needs according to economists? 1) Food 3) Clothing 5) Air 2) Water 4) Shelter 9. What are the three types of resources?
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