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POB FINAL EXAM REVIEW2026
Questions and Answers (100% Correct
Answers) Already Graded A+
Need Ans: Things that are necessary for survival
Wants Ans: Things not necessary for survival but which
add comfort and pleasure to our lives
© 2026 Assignment
Goods Ans: Things you can see and touch
Guru01 - Stuvia
Expert
Services Ans: Tasks that people or machines perform
Natural resources Ans: Raw materials produced by nature
Human resources Ans: The people who contribute physical
and mental energy to the production process
Capital resources Ans: Are the tools, equipment, and
buildings that are used to produce goods and services
Entrepreneurial resources Ans: Are the combining of
natural, human, and capital resources to produce goods
and services. The basic economic problem exists due to
limited resources for satisfying unlimited needs and wants
Scarcity Ans: Is not having enough resources to satisfy the
unlimited needs and wants
Traditionalism Ans: An economy in which people do
things the way they have always been done
, 2
Communism Ans: An economy in which the gov't makes
ALL decisions
Socialism Ans: An economic system in which the gov't
owns major industries, but allows for private ownership of
other business
Capitalism Ans: Allows the freedom of consumption and
production of goods and services
© 2026 Assignment
Economic system Ans: Where basic economic decisions are
based on the action of individual people and business
Guru01 - Stuvia
participating in many different markets
Expert
Private Property Ans: Can own, use, or dispose of things of
value
Freedom of choice Ans: Can make decisions independently
and must accept consequence of those decisions.
Profit Ans: Money left from sales after all of the costs of
operation a business have been paid.
Competition Ans: The rivalry among business to sell their
goods and services
Consumers Ans: To decide what to buy, where to buy,
from whom to buy and what price we are willing to pay.
Producers Ans: Determine what products and services will
be available, what needs and wants they will satisfy, and
the prices they want to receive.
POB FINAL EXAM REVIEW2026
Questions and Answers (100% Correct
Answers) Already Graded A+
Need Ans: Things that are necessary for survival
Wants Ans: Things not necessary for survival but which
add comfort and pleasure to our lives
© 2026 Assignment
Goods Ans: Things you can see and touch
Guru01 - Stuvia
Expert
Services Ans: Tasks that people or machines perform
Natural resources Ans: Raw materials produced by nature
Human resources Ans: The people who contribute physical
and mental energy to the production process
Capital resources Ans: Are the tools, equipment, and
buildings that are used to produce goods and services
Entrepreneurial resources Ans: Are the combining of
natural, human, and capital resources to produce goods
and services. The basic economic problem exists due to
limited resources for satisfying unlimited needs and wants
Scarcity Ans: Is not having enough resources to satisfy the
unlimited needs and wants
Traditionalism Ans: An economy in which people do
things the way they have always been done
, 2
Communism Ans: An economy in which the gov't makes
ALL decisions
Socialism Ans: An economic system in which the gov't
owns major industries, but allows for private ownership of
other business
Capitalism Ans: Allows the freedom of consumption and
production of goods and services
© 2026 Assignment
Economic system Ans: Where basic economic decisions are
based on the action of individual people and business
Guru01 - Stuvia
participating in many different markets
Expert
Private Property Ans: Can own, use, or dispose of things of
value
Freedom of choice Ans: Can make decisions independently
and must accept consequence of those decisions.
Profit Ans: Money left from sales after all of the costs of
operation a business have been paid.
Competition Ans: The rivalry among business to sell their
goods and services
Consumers Ans: To decide what to buy, where to buy,
from whom to buy and what price we are willing to pay.
Producers Ans: Determine what products and services will
be available, what needs and wants they will satisfy, and
the prices they want to receive.
