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Introduction to Business Chapter 2 Glencoe

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Scarcity
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A lacking of resources
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Factors of Production
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All the economic resources necessary to produce a society’s goods and services
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Natural Resources
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Raw materials from nature that are used to produce goods
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Human Resources
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The knowledge, efforts, and skills people bring to their work. ex: Teachers, coal miners, bank managers, and farm workers
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Capital Resources
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The things used to produce goods and services
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Entrepreneurial Resources
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Used by the people who recognize opportunities and start business, Meet society’s changing wants and needs
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Economics
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The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices
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Market Economy
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An economic system in which economic decisions are made in the marketplace
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Demand
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The amount or quantity of goods and services that consumers are willing to buy at various prices
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Supply
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The amount of goods and services that producers will provide to various prices
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Equilibrium Price
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The point at which the quantity demanded and the quantity supplied meet
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Command Economy
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An economic system in which a central authority makes the key economic decisions
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Mixed Economy
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An economy that contains both private and public enterprises