Download Introduction to Business

Name_____________________________
ECONOMICS 101
ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:
Define ECONOMICS-
What is the economic difference between wants and needs and give an example of each?
WantsExample:
-also called a _____________ item
NeedsExample:
-also called a ______________ item
List 3 products that you want and why do you want that particular product?
1.
2.
3.
List 3 products that you need ?
1.
2.
3.
___________________ wants and needs and ______________ resources make up the basic
premise of economics:_____________
WHY IS IT IMPORTANT TO UNDERSTAND ECONOMICS?
ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:
Economic Industries:
What is the difference between consumers and producers?
ConsumersWho are the consumers?
ProducersWho are the producers?
Producers- 2 types
1)Products- Tangible Goods (example- MP3 player)
2)Services- Intangible- Specific functions that are provided (example- Chase Bank)
ANSWER THE FOLLOWING QUESTIONS TO THE BEST OF YOUR ABILITY:
2/3 of the US economic industry is in ______________________
List a product that you often use and who makes that product:
What makes this product better than the competition-
List a service that you often use and who provides that service:
What makes this service better than the competition-