Economics
Needs
Wants
Supply
Demand
100

The contest between businesses to win customers is called?

Competition 

100

Things we need to survive are called?

Needs

100

Things we wish we could have?

Wants

100

Knowledge, effort and skills people bring to their work is called?

Human Resources

100

The raw materials found in nature are called?

Natural Resources

200

Tasks that people or machines can perform?

Services

200

The two type natural resources are called?

Renewable and Nonrenewalbe resources

200

When the supply is low the what will be hi?

Demand

200

Material things that can be weighed or measured.  

Goods

200

The United States has what kind of economy?

Mixed Economy

300

Anything that people can use to make or obtain what they want or need is called? 

Resources

300

Study of society's choices to use resources and distribute goods and services for people's consumption is called?

Economics

300

When the quantity demanded and quantity supplied meet this called?

Equilibrium Price

300

A person who selects, purchases, uses, or disposes of goods or services.

Consumer

300

Quantity of goods and services that consumers are to pay for at various prices? 

Demand

400

Any activity that seeks a profit by providing goods and services to others is called? 

Business

400

States taking care of the people's needs while the marketplace takes care of people's wants.

Mixed economy

400

The amount of goods and services that produces will provide at various prices is called?

Supply

400

Society's shortage of resources is called?

Scarcity

400

Socialism and communism are part of this econnomy?

Command Economy

500

The amount of money left over after a business has paid for cost of producing its goods and services.

Profit

500

Economic decisions are made according to the?

Market Economy

500

Economic resources used to produce goods and services is called?

Factors of production

500

Buildings, materials, and equipment used to produce goods and services are called?

Capital resources

500

Required to meet the changing wants and needs of people.

Entrepreneurial Resources