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the lack of resources
Scarcity
Raw materials from nature that are used to produce goods
natural resources
Resources that can be reproduced are called...
renewable resources
The market place is a factor of production. True or False
False
There are 7 factors of production. True or False
False
The point at which the quantity demanded and the quantity supplied meet is called the ___________ price.
equilibrium
Individuals and societies deal with a shortage of resources. True or False
True
List the factors of production
natural resources, labor, capital and entrepreneurial
Every type of business needs labor resources to produce goods and provide services. True or False
True
Teachers, coal miners, bank managers, and farm workers are types of _________ resources
Labor
What do we call the study of how individuals and groups strive to satisfy their needs and wants by making choices?
Economics
True or False: Most nations today have a mixed economy.
True
What are raw materials from nature that are used to produce goods called?
Natural resources
What do we call people who make goods and services for which they are paid?
Labor
Name one example of a capital resource.
...
In which economic system are economic decisions made in the marketplace?
Market economy
