IBM Ch. 2

An economic system in which a central authority makes the key economic decisions

The method societies use to distribute resources

Rivalry among businesses for sales to potential customers

In a market economy, the higher the price,

Delivery trucks, warehouse, and production plants are examples of

Most nations have a

Knowledge of a particular field or a network of contacts are examples of

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

How to produce is determined partly by producers seeking profits and partly by the government

All the economic resources necessary to produce a society's goods and services

Raw materials, warehouses, and labor are all examples of _______ in a business

The point at which the quantity demanded and the quantity supplied meet

Wheat, cattle, coal, iron, and oil are examples of

Motive in a market economy

An economic system in which economic decisions are made in the marketplace

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