Entrepreneurship Final Review

Food, water, clothing, and shelter are all ____________________.

• Needs

• Economic Resources

• Wants

• Products

A high-paying job with lots of perks and benefits is an example of a ____________________.

• Needs

• Economic Resources

• Wants

• Economics

When a business uses land to grow corn, dig for oil, or build a factory they are taking advantage of their ____________________.

• Economic Systems

• Economic Resources

• Local Economy

• Economics

____________________ is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.

• Economic Systems

• Economic Resources

• Local Economy

• Economics

An ____________________ is a system that a society uses for resource allocation, production and distribution of value.

• Economic Systems

• Economic Resources

• Local Economy

• Economics

________________________ is the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

________________________ is an economy in which production, investment, prices, and incomes are determined centrally by a government.

________________________ is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

________________ is an economic system combining private and public enterprise.

________________ is a type of transaction where two parties freely trade goods or services.