Question

test 1
part 1
mr. cimminos class
economics
1-what is the most important word in the study of economics?
2-the human time, effort, and talent that go into the production of goods and services are considered
3-_________ is all the resources made and used by people to produce and distribute goods and services.
4-the combination of vision, skill, ingenuity, and willingness to take risks to create and run new businesses is called
5-things that are vital for survival such as food and clothing are called
6-what is the term given to a person who buys goods or services for personal use?
7-what type of economy is the most prevalent in the usa?
8-name a country in which the government decides what goods and services will be produced?
9-what is the word given to the type of economy mentioned in question 8?
10-what name is given to the poorest of the economies in which a person attempts to survive day to day with just enough food to feed their families?

part 2
essay: answer on a separate page if needed.
explain the difference between a need and a want. explain how a need may also be a want.

Explanation:

1. Defines the core focus of economics.
2. Identifies the input category for production.
3. Names the collective productive resources.
4. Labels the risk-taking business creator.
5. Defines goods for basic survival.
6. Names the end user of products.
7. Notes the dominant U.S. economic system.
8. Labels the government-controlled economic system.
9. Identifies the system focused on customs.
10. Refers to the extreme poverty threshold.
11. Distinguishes between necessary and desired items.

Answer:

Part 1

1. Scarcity
2. Labor
3. Factors of production
4. Entrepreneurship
5. Necessities
6. Consumer
7. Mixed economy (with a market-oriented focus)
8. Command economy
9. Traditional economy
10. Subsistence level

Part 2
A need is a basic requirement for survival, such as food, clean water, shelter, or medical care—these are essential to maintain life and health, and without them, a person's well-being or life is at risk. A want is a desire for something that is not essential for survival, but that enhances quality of life or satisfies a personal preference, such as a luxury car, a specific brand of clothing, or a vacation. A need can become a want when it is fulfilled in a non-essential, preferred form: for example, food is a need, but a gourmet meal at an expensive restaurant (rather than simple, nourishing food) is a want, as it goes beyond the basic requirement of sustaining hunger.