Future Business Leaders of America (FBLA) Agribusiness Practice Test

What term describes items that fulfill economic wants or have utility?

1. Goods

2. Services

3. Needs

4. Wants

The correct answer is: Goods

The term that describes items fulfilling economic wants or having utility is goods. Goods are tangible products that can be seen, touched, and measured, and they provide satisfaction or utility to consumers. This encompasses a wide range of items, from food and clothing to machinery and electronics. These goods are essential in the context of economics as they represent the physical manifestations of resources that satisfy the desires and needs of individuals and society. Services, while also satisfying economic wants, refer to intangible products that involve a deed, a performance, or an effort that one party offers to another. Needs are basic requirements necessary for survival, such as food, water, and shelter, while wants represent desires that go beyond basic survival. Thus, the concept of goods more precisely aligns with items that both fulfill specific economic wants and possess utility.