I2B - Ch. 2

What do entrepreneurial resources help meet in society?

the lack of resources

In which economic system are economic decisions made in the marketplace?

List the factors of production

There are 7 factors of production. True or False

The market place is a factor of production. True or False

Raw materials from nature that are used to produce goods

What do we call people who make goods and services for which they are paid?

What are raw materials from nature that are used to produce goods called?

Every type of business needs labor resources to produce goods and provide services. True or False

Resources that can be reproduced are called...

The process of recognizing a business opportunity, testing it in the market, and gathering the resources necessary to start and run a business

What economic system is also known as capitalism?

Name one example of a capital resource.

What do we call the study of how individuals and groups strive to satisfy their needs and wants by making choices?

Individuals and societies deal with a shortage of resources. True or False

Teachers, coal miners, bank managers, and farm workers are types of _________ resources

The point at which the quantity demanded and the quantity supplied meet is called the ___________ price.

True or False: Most nations today have a mixed economy.