Resources (4 factors of production) are the things necessary for making only what people need.

Two basic types of economic systems are a market economy and a command economy.

A shortage of resources is called

All of the following are factors of production except

The desire to make a profit is

Most nations have a

Economies with greater governmental control of resources are considered more

The United States has a

A natural resource such as trees and grain that can be reproduced.

Choosing one resource or good over another.

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

A shortage of resources

Things used to produce goods and services

Raw materials from nature that are used to produce goods

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

The amount of money given or asked for when goods and services are bought or sold

An economic system in which a central authority makes the key economic decisions

The amount or quantity of goods and services that consumers are willing to buy at various prices

The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices

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

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