Unit 3 Entrepreneurship and the Economy

If something is in heavy supply but in short demand

The quantity of goods or services that consumers are willing and able to buy

Situations in which a change in price has very little effect on demand for products

What agency controls the economy and regulates the nation's money supply?

The amount of good or services producers are willing to provide

What factor of production includes the equipment, building, tools, and other goods needed to create a product

During what decade was there more government regulation and considered the "Decade of Entrepreneurship"?

The Start-up Process that involves finding the availability of resources, and good markets

The driving force of the start-up process

What factor of production includes the ideas and decisions of the business owner?

An intangible product that satisfy customers' wants and needs.

Specially designated areas of a community that provide tax benefits to new businesses

What factor of production includes the human effort used to produce goods and services?

If something is in heavy demand, but in short supply

Situations in which a change in price creates a change in demand