Economic terms

Who is a person who takes a risk to start a business?

• Consumer
• Entrepreneur 
• Labor
• Capital

Resources such as rivers, fish, trees and oil are called________________________.

• human resources
• capital resources
• natural resources
• goods

objects that can satisfy people's wants

• goods

• services

• demand

• supply

actions that can satisfy people's wants

• services

• goods

• supply

• demand

the condition of not being able to have everything we want

• scarcity

• choice

• demand

• market

quantity of goods available in the marketplace at any given time and at a given amount

• supply

• demand

• market

• price

amount of a good that buyers will buy at a specific time and at a specific price

• demand

• supply

• choice

• profit

when people concentrate their production of fewer kinds of goods and services than they consume

• specialization

• division of labor

• barter

• price

exists whenever buyers and sellers exchange goods and services

• market

• barter

• price

• profit

anything acceptable when used in exchange for goods and services

• money

• supply

• barter

• price