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

Entrepreneurial resources are different from labor resources

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

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

A shortage of resources is called

Scarcity occurs when

All of the following are factors of production except

Deciding to use a resource for one purpose and giving up the chance to use it for something else is

In a command economy, resources and businesses are owned and controlled

In a market economy, the higher the price,

The desire to make a profit is

In a market economy, producers set a price that

Economies with greater government control of resources are considered more

A shortage of resources

Things used to produce goods and services

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

The amount of money given or asked for when goods or services are bought or sold

An economic system in which a central authority makes the key economic decisions