BE 2.04 Vocabulary

What are capital goods?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• People who work to produce goods or services

• The rivalry between two or more businesses to attract scarce customer dollars

What is competition?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• People who work to produce goods or services

• The rivalry between two or more businesses to attract scarce customer dollars

What are economic resources?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• People who work to produce goods or services

• The human and natural resources and capital goods used to produce goods and services

What is an economic system?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• The organized way in which a country handles its economic decisions and solves its economic problems

• The rivalry between two or more businesses to attract scarce customer dollars

What is an entrepreneur?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• An individual who invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts

• The rivalry between two or more businesses to attract scarce customer dollars

What are human resources?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• People who work to produce goods or services

• The human and natural resources and capital goods used to produce goods and services

What is a market economy?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace

• The rivalry between two or more businesses to attract scarce customer dollars

Where does the buying and selling of goods and services take place?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• People who work to produce goods or services

• Anywhere the buying and/or selling of goods and services takes place

What is a mixed system?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• An economic system in which individuals make most economic decisions but some government control and ownership exist

• The rivalry between two or more businesses to attract scarce customer dollars

What are natural resources?

• Items that are found in nature and used to produce goods and services

• Manufactured or constructed items that are used to produce goods and provide services

• People who work to produce goods or services

• The human and natural resources and capital goods used to produce goods and services