Intro to Business - Chapter 2 Review

Resources are the things necessary for making only what people need.

• True

• False

Every type of business needs labor resources to produce goods and provide services.

• True

• False

Entrepreneurial resources are different from labor resources.

• True

• False

Every society has enough productive resources to produce everything people want and need.

• True

• False

Two basic types of economic systems are a market economy and a demand economy.

• True

• False

The amount of goods and services that producers will provide at various prices:

• Supply

• Demand

• Command

• Scarcity

The fact that there are limited resources to meet the unlimited wants and needs of a society describes:

• Supply

• Demand

• Command

• Scarcity

Things created by humans that are used to produce goods and services (include machinery, buildings, equipment, etc):

• Land Resources

• Labor Resources

• Capital Resources

• Entrepreneurial Resources

Raw materials from nature that are used to produce goods:

• Land Resources

• Labor Resources

• Capital Resources

• Entrepreneurial Resources

An individual who undertakes the creation, organization, and ownership of a business:

• Dictator

• Economist

• Entrepreneur

• Philanthropist