Something necessary for survival such as air,food and shelter.
What is a need?
100
Raw materials used to make goods.
What is natural resource?
100
The government decides how many of which goods are produced and sets the prices.
What is command economy?
200
A person who uses goods and services.
What is a consumer?
200
The people who bring nautral resources, labor resources, and capital resources together to produce goods and services.
What is a entrepreneur?
200
Social roles and culture determine how goods and services are produced, what prices and individual incomes are, and which consumers are allowed to buy certain goods.
What is traditional economy?
300
Using resources in a way to maximize the production of goods and services
What is efficiency?
300
The effort that people devote to a task for which they are paid.
What are labor ?
300
What economy do we have now?
What is market economy?
400
The rivalry among businesses to sell goods to consumers and make the greatest profit.
What is competition?
400
The ingredients or elements needed for production to occur.
What are the factors of production?
400
Name two economic goals.
What is economic freedom,efficiency, security, equity and growth and innovation.
500
An economy that allows business owners to compete in the market with little government interference.
What is market economy?
500
The machines, factories, and supplies nessasary to make products.
What is a capital resource?
500
The method used by society to make and distribute goods and services.