| A | B |
|---|
| Scarcity | A lack of resources |
| Mixed Economy | An economy that contains both public and private enterprises. |
| Natural Resources | Raw materials from nature that are used to produce goods. |
| Labor Resources | People who make the goods and services for which they are paid. |
| Capital Resources | The things used to produce goods and services such as buildings, materials, and equipment. |
| Entrepreneurial Resources | Used by the people who recognize new opportunities and start a business. |
| Entrepreneurship | The process of recognizing a business opportunity, testing in the market, and gathering the resources necessary to start and run a business. |
| Entrepreneur | Individual who undertakes the creation, organization, and ownership of a business. |
| Economics | The study of how individuals and groups of individuals and group of individuals strive to satisfy their needs and wants by making choices. |
| Economic Systems | The methods societies use to distribute resources. |
| Market Economy | An economic system in which economic decisions are made in the market place. |
| Price | The amount of money given or asked for when goods and services are bought or sold. |
| Supply | Amount of goods and services that producers will provide at various prices |
| Demand | The amount or quantity of goods and services that consumers are willing to buy at various prices. |
| Equilibrium Price | The point at which the quantity demanded and the quantity supplied meet. |
| Command Economy | An economic system in which a central authority makes the key economic decisions |
| Factors of production | All the economic resources necessary to produce a society’s goods and services. |
| empty | empty |
| Government | In a command economy, resources and businesses are owned and controlled by |
| Profit Motive | The desire to make a profit is called |
| Opportunity Cost | Deciding to use a resource for one purpose and giving up the chance to use it for something else is |
| Renewable | Some natural resources, such as wheat and cattle, are |
