Chapter 2: Economic Resources and Systems

Natural resources

________ can often be processed in various ways to create goods.

Entrepreneur

A(n) ________ is an individual who undertakes the creation, organization, and ownership of a business.

Demand

There is a relationship between price, supply, and ________.

Factors of production

________ are all the economic resources necessary to produce a societys goods and services.

Labor

________ can be skilled or unskilled, physical or intellectual.

Equilibrium price

The ________ is the point at which the quantity demanded and the quantity supplied meet.

Capital resources

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

Profit motive

________ is the desire to make a profit, and profit is the reward for taking a risk and starting a business.

Demand

________ is the amount or quantity of goods and services that consumers are willing to buy at various prices.

Entrepreneurship

________ is the process of recognizing a business opportunity, testing it in the market, and gathering the resources necessary to start and run a business.

Labor resources

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

Market economy

In a(n) ________, individuals are responsible for being informed and making careful decisions.

Entrepreneurial resources

________ are individuals who start and direct businesses to produce goods and services to satisfy needs or wants.