Resources
Vocab
Vocab 2
Chapter 1 Vocab
Chapter 1 Vocab
100

Is wood a natural resource?

yes

100

the individual who participates and creates the business

Entrepreneuer

100

lack of resources

scarcity

100

tasks that businesses perform for consumers

Services

100

a person who uses goods or services

Consumer

200

Which type of resource are the people who make the goods and services

labor resources

200

the amount of money given or asked for when goods are bought and sold

Price

200

the amount of goods and services that producers will provide at various prices

supply

200

items that people can use to make or obtain what they need or want

Resources
200

the money left over after a business has paid the cost of providing its goods and services

Profit

300

raw materials supplied by nature

natural resources

300

the study of how individuals and groups strive to satisfy their needs and wants by making choices

economics

300

The amount of goods and services that consumers are willing to buy at various prices

demand

300

Hospitals is which type of need (basic or public)

Public

300

What is the term for an online shopping business

Ecommerce

400

What is an example of a labor resource?

answers will vary

400

the point at which demand and supply meet

equilibrium price

400

combines command and market majority are owned by the government

mixed economy

400

the contest between businesses to win customers

Competition

400

Which type of business has a store front and interacts with customers face to face

Brick and Mortar

500

products and money used in the production and services

capital resources

500

the method a country uses to answer the economic questions

economic system

500

the resources are owned and controlled the government (communism)

command economy

500

The act of gathering and analyzing information about the wants, and needs and preferences of consumers in a certain market

market research

500
Which type of business can you order products over the phone, through catalog, or online

Mail Order