Business & Tech - Intro to Bus - Ch 2 Review

The quantity of goods that consumers are willing to buy at various prices is called the ______ .

The economic resources needed to make a society's goods and services are called factors of ______ .

Which is most likely to happen when the price for a good or service is high?

Which is a characteristic of capitalism?

Which statement about natural resources is NOT true?

The amount of goods that producers will provide at various prices is called the ______ .

Which is NOT a factor of production?

Individuals who start and direct businesses to produce goods and services are called ______ resources.

Which statement about natural resources is true?

Which is true about people working in a market economy who have labor skills that are in demand?

What is scarcity?

What are two basic types of economic systems?

Which is most likely to profit from society's changing wants and needs?

Natural resources are often in ______ various ways to create goods.

Which is a characteristic of socialism?

Economic systems are the methods societies use to distribute ______ .

Which is an example of a capital resource?

The amount of natural resources available to a society has a(n) ______ effect on its economy.

The amount of money given or asked for when a service is bought or sold is called its ______ .

Which refers to how people satisfy their needs and wants by making choices?

The point at which the quantity demanded and the quantity supplied meet is called the ______ price.

When dealing with scarcity, it is important to identify the best way to use the item that is ______

What is opportunity cost?

Which means the same as human resources?

Which is most important in determining the price of a product or service?