Multiple Choice
Why have many family farms in North America been replaced over time?
0. Basic Principles of Economics
Introduction to Economics
Multiple Choice
A physical good, service, or idea that satisfies a want or need is called a(n):
A
market
B
product
C
resource
D
utility
Verified step by step guidance1
Understand the key terms given in the problem: 'market', 'product', 'resource', and 'utility'.
Recall that a 'product' is defined as a physical good, service, or idea that satisfies a want or need.
Recognize that a 'market' refers to the place or system where buyers and sellers interact, not the good or service itself.
Know that a 'resource' is an input used to produce goods and services, such as labor, capital, or land.
Understand that 'utility' refers to the satisfaction or benefit derived from consuming a good or service, not the good or service itself.
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