Resources
Is wood a natural resource?
yes
the individual who participates and creates the business
Entrepreneuer
lack of resources
scarcity
tasks that businesses perform for consumers
Services
a person who uses goods or services
Consumer
Which type of resource are the people who make the goods and services
labor resources
the amount of money given or asked for when goods are bought and sold
Price
the amount of goods and services that producers will provide at various prices
supply
items that people can use to make or obtain what they need or want
the money left over after a business has paid the cost of providing its goods and services
Profit
raw materials supplied by nature
natural resources
the study of how individuals and groups strive to satisfy their needs and wants by making choices
economics
The amount of goods and services that consumers are willing to buy at various prices
demand
Hospitals is which type of need (basic or public)
Public
What is the term for an online shopping business
Ecommerce
What is an example of a labor resource?
answers will vary
the point at which demand and supply meet
equilibrium price
combines command and market majority are owned by the government
mixed economy
the contest between businesses to win customers
Competition
Which type of business has a store front and interacts with customers face to face
Brick and Mortar
products and money used in the production and services
capital resources
the method a country uses to answer the economic questions
economic system
the resources are owned and controlled the government (communism)
command economy
The act of gathering and analyzing information about the wants, and needs and preferences of consumers in a certain market
market research
Mail Order