business chapter 2 Flashcards
Unlock all answers in this set
Unlock answersquestion
Both individuals and societies have to deal with a shortage of resources (t/f)
answer
true
question
To produce goods and services, a society needs natural resources, human resources, capital resources, and entrepreneurial resources(t/f)
answer
true
question
We do not need labor to turn natural resources into goods and services (t/f)
answer
false
question
Natural resources become factors of production when we use them to produce goods (t/f)
answer
True
question
The economy of many countries is based on natural resources (t/f)
answer
True
question
What is a shortage of resources called
answer
scarcity
question
What are the means to produce goods and services called
answer
factors of production
question
What are the raw materials found in nature called
answer
natural resources
question
What are limited resources called
answer
nonrenewable
question
What type of resource are teacher, coal miners, bank managers, and farm workers
answer
human resources
question
The shortages of goods or services
answer
scarcity
question
The resources used to produce goods or services
answer
factors of production
question
Raw materials from nature used to produce goods
answer
natural resources
question
The knowlege, efforts, and skills people provide, also called labor
answer
human resource
question
The study of how society chooses to use resources to produce and distribute goods and services for people's consumption
answer
economics
question
The price when the quantity of supply meets the quantity of demand of a particular good or service
answer
equilibrium price
question
producers provide the goods and services that consumers want
answer
supply and demand
question
A system in which a central authority, such as the state, makes the key economic decisions
answer
command economy
question
A system in which economic decisions are made in the marketplace according to the law of supply and demand
answer
market economy
question
A combination of a command and market economy
answer
mixed economy
question
The United States economy is best defined as
answer
Capitalism
question
China's economy is best defined as
answer
Communism
question
Canada's economic system is best defined as
answer
Socialism
question
From the movie we watched in class "How to Lose what We Have" Which type of economic system won the election
answer
master plan
question
What type of economic system allows the individual to keep most of the resources
answer
capitalism
question
Buildings, material, and equipment used to produce goods and services are
answer
capital resources
question
Economic decisions are made according to the people
answer
market economy
question
Required to meet the changing wants and needs of people
answer
entrepreneurial resources
question
The amount or quantity of goods and services that consumers are willing to buy at various prices is called
answer
demand
