Economics
The contest between businesses to win customers is called?
Competition
Things we need to survive are called?
Needs
Things we wish we could have?
Wants
Knowledge, effort and skills people bring to their work is called?
Human Resources
The raw materials found in nature are called?
Natural Resources
Tasks that people or machines can perform?
Services
The two type natural resources are called?
Renewable and Nonrenewalbe resources
When the supply is low the what will be hi?
Demand
Material things that can be weighed or measured.
Goods
The United States has what kind of economy?
Mixed Economy
Anything that people can use to make or obtain what they want or need is called?
Resources
Study of society's choices to use resources and distribute goods and services for people's consumption is called?
Economics
When the quantity demanded and quantity supplied meet this called?
Equilibrium Price
A person who selects, purchases, uses, or disposes of goods or services.
Consumer
Quantity of goods and services that consumers are to pay for at various prices?
Demand
Any activity that seeks a profit by providing goods and services to others is called?
Business
States taking care of the people's needs while the marketplace takes care of people's wants.
Mixed economy
The amount of goods and services that produces will provide at various prices is called?
Supply
Society's shortage of resources is called?
Scarcity
Socialism and communism are part of this econnomy?
Command Economy
The amount of money left over after a business has paid for cost of producing its goods and services.
Profit
Economic decisions are made according to the?
Market Economy
Economic resources used to produce goods and services is called?
Factors of production
Buildings, materials, and equipment used to produce goods and services are called?
Capital resources
Required to meet the changing wants and needs of people.
Entrepreneurial Resources