chapter 2.1

are used by the people who recognize opportunities and start businesses.

people who get paid for their goods and services

define entrepreneurship

an individual who undertakes the creation, organization, and ownership of a business.

the things used to produce goods and services, such as buildings, materials, and equipment.

the principle of scarcity states that there are ________resources for unlimited wants and needs

Define scarcity

raw materials from nature that are used to produce goods

people who make goods and services for which they are paid

what are the four factors of production