Chapter 2: Economic Resources and Systems

The study of how individuals and groups of people strive to satisfy their wants and needs is:

The_________________ is the point at which supply and demand meet.

A market economy can also be called:

Methods societies use to distribute resources?

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

The principle of scarcity states that there are limited resources for satisfying limited wants.

This person accepts the risks and responsibilities of business ownership:

In a moderate economy there is some form of private enterprise. This is called:

What type of economy has high-skilled and low-skilled workers making the same money?

Entrepreneurship is the process of:

The amount of goods and services that consumers are will to buy at various prices is called:

Things used to produce goods and services, such as buildings and equipment are called:

All the economic resources necessary to produce a society's goods and services are called:

An economic system in which a central authority makes the key economic decisions is a(n):

Which basic economic question does not belong.

Resources that are used by people who recognize opportunities and start businesses are called:

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

Raw materials from nature that are used to produce good are called:

The amount of money given or asked for when goods or services are bought or sold is called:

Which economy contains elements of both capitalism and socialism?