Scarcity: Everyone's Problem is the Entrepreneur's Opportunity

Question 1

The abilitly to recognize and use resources effectively.

Accepted Answer

resourcefulness

Question 2

This person organizes, manages and takes on the risk of a new business.

Accepted Answer

entrepreneur

Question 3

What are the actions or activities for which a person is willing to pay?

Accepted Answer

services

Question 4

Items purchased to satisfy wants and needs.

Accepted Answer

goods

Question 5

All things used in producing goods and services:

Accepted Answer

resources

Question 6

A situation in which unlimited wants are greater than the available resources.

Accepted Answer

scarcity

Question 7

Which of the following is NOT a factor of production?

Accepted Answer

scarcity

Question 8

What is human effort directed toward producing goods and services?

Accepted Answer

labor

Question 9

What is the money that is invested in a business called?

Accepted Answer

capital

Question 10

Resources used in the production of goods and services.

Accepted Answer

productive resources

Questions 10