WorksheetsBE 2.04 Vocabulary
Total questions: 15
Worksheet time: 8mins
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
What is a price-directed 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
A descriptive term for the American private enterprise economy because price determines what people buy, the jobs they take, the success or failure of businesses, and the products that will be produced
The rivalry between two or more businesses to attract scarce customer dollars
What is private enterprise?
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 and groups, rather than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system
The rivalry between two or more businesses to attract scarce customer dollars
What is private property?
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
Anything of value that people own
The rivalry between two or more businesses to attract scarce customer dollars
What is profit?
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
Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
The rivalry between two or more businesses to attract scarce customer dollars
What is the profit motive?
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 desire to make a profit which moves people to invest in business
The rivalry between two or more businesses to attract scarce customer dollars
