Wants and Needs and Resources, Oh My! Economics Test 1

Front

The raw materials found in nature are called?

Back

natural resources

Front

People are an example of what type of resources?

Back

human resources

Front

The study of how a society chooses to use resources to produce and distribute goods and services for people's consumption is called?

Back

economics

Front

The process of making or providing goods/services using resources is called?

Back

production

Front

What are the factors of production?

Back

natural, labor, capital, and entrepreneurial resources

Front

Buildings, materials, and equipment used to produce goods and services are called?

Back

capital resources

Front

What is scarcity?

Back

society's shortage of resources

Front

_____________________________are individuals who start and direct businesses to produce goods and services to satisfy the needs and wants of people.

Back

Entrepreneurial resources

Front

When quantity demanded and quantity supplied meet, this determines the?

Back

equilibrium price

Front

Communism is an example of a __________________economy.

Back

command