Question: What basic choices are faced by all societies?

Answer: what to produce, how to produce it and for whom to produce it

Question: Specialization

Answer: assignment of tasks to the workers, factories, regions or nations that can perform them most efficiently

Question: Standard of Living

Answer: quality of life based on ownership of necessities and luxuries that make life easier

Question: Durable Good

Answer: a good that lasts three years or more with regular use

Question: Utility

Answer: ability or capacity of a good or service to be useful and give satisfaction to someone

Question: Service

Answer: work or labor performed for someone; economic product that includes haircuts, home repairs and forms of entertainment

Question: Both goods and services are counted as wealth.

Answer: False

Question: Scarcity is an economic problem with which all societies are faced.

Answer: True

Question: People’s needs are limited.

Answer: False

Question: In all societies, the government decides what to produce.

Answer: False