Chapter 2- Economic Resources and Systems

Most nations have a 

All of the following are factors of production except

Two basic types of economic systems are a market economy and a demand economy.

Scarcity occurs when

Coal, iron and oil are renewable resources.

Entrepreneurial resources are different from labor resources.

Deciding to use a resource for one purpose & giving up the chance to use it for something else

Some natural resources, such as wheat and cattle are

The resource that must adapt to meet society's changing needs and wants is 

Buildings, delivery trucks and equipment are all examples of 

The desire to make a profit is 

Economies with greater governmental control of resources are considered more

Every society has enough productive resources to produce everything people want and need.

In a market economy, resources are

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

A shortage of resources is called

Every type of business needs labor resources to produce goods and provide services.

A shortage of resources is called scarcity.

Resources are the things necessary for making only what people need.

A mixed economy is an economic system in which economic decisions are made in the marketplace.

In a market economy, producers set a price that

In a command economy, resources and businesses are owned and controlled

In a market economy, the higher the price

In a command economy, highly skilled workers