Economics Questions test (1)

People often like to have a lot of material goods, but water, food and shelter are basic ..... people and other animals require to stay alive.

When someone really likes a product but that item is not necessary to stay alive, the product is called a ..... or a luxury.

The earth supplies us with many beautiful things as well as many natural raw materials. These usable materials are called ......

There are many companies that manufacture products and many consumers that buy them. The products that people buy are called ......

Companies will often use raw materials in order to turn them into usable products that consumers need and want. This process is called ......

Some companies don't manufacture anything, but rather they do work, for a fee, for other people. This work in known as a ......

Every country experiences ..... at some point or another. This is when a country's wants are greater than the available resources.

Whether it's a natural resource or not, every possible use of a resource is called a(n) ......

Any item or material that people use to manufacture products or use in order to provide services is called a ......

There are many companies around the world. A person who uses money to start businesses and make business deals is called a(n) ......