Chapter 2 Economic Resources and Systems

Is the amount of goods and services that consumers are willing to buy at various prices.

Raw materials from nature that are used to produce goods.

Is the study of how individuals strive to satisfy their needs and wants by making choices.

Things used to produce goods and services.

Is the amount of money given or asked for when goods and services are bought or sold.

Are the methods societies use to distribute resources.

Is the point at which the quantity demanded and the quantity supplied meet.

All the economic resources necessary to produce a society’s goods and services.

Resources used by the people who recognize a business opportunity and start a business.

Is an economy that contains both private and public enterprises

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

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

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

People who make the goods and services for which they are paid.

Is an economic system in which a central authority makes the key economic decisions.

the lack of resources

The process of recognizing a business opportunity and gathering resources to start a business.