Intro to Business: Chapter 1 & 2 Exam

Factors of production=a central authority

Combination of a market and command economy = mixed economy

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

Mission statements are present focused and include internal and external factors.

can be physically weighed or measured

Amount of money left over after a business has paid for the cost of producing goods/ services

economic decisions are made in the market

The initiative to improve goods and services or create new ones = entrepreneurial resources

The things you wish you could have = goods

Economics=when the quantity demanded and the quantity supplied meet

Amount/ quantity of goods & services that consumers are willing to buy at various prices=demand

People who work to produce goods and services= Inflation

The quantity of a good or service that consumers desire at a specific price = Service

Natural resources=raw materials found in nature

necessary wants (food, shelter, and clothing)

Equilibrium price=when the quantity demanded and the quantity supplied meet

Knowledge, efforts, and skills people bring to their work = capital resources

How much of a resource is available for sale = Supply