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 a market economy and a demand economy.

A shortage of resources is called

Scarcity occurs when

All of the following are factors of production except

Some natural resources, such as wheat and cattle, are

Buildings, delivery trucks, and equipment are all examples of

Of the four factors of production, the resource that must adapt to meet society’s changing wants and needs is

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

In a market economy, resources are

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

In a command economy,

Most nations have a

Economies with greater governmental control of resources are considered more

A shortage of resources is called

Coal, iron, and oil are ____________________ resources.

The _________________________ is the point at which the quantity demanded and quantity supplied meet.

A(n) _________________________ is a combination of a market economy and a command economy.

A(n) _________________________ is an economic system in which economic decisions are made in the

marketplace.

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

A shortage of resources

Things used to produce goods and services

Raw materials from nature that are used to produce goods

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

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

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

The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices

scarcity

People who make the goods and services for which they are paid