economics

the study of how individuals and groups strive to satisfy their needs and wants by making choices is called?

scarcity

a shortage of resources

demand and supply

scarcity occurs when blank exceeds blank

opportunity cost

deciding to use a resource for one purpose and giving up the opportunity to use it for something else is called?

profit motive

the desire to make a profit is known as the

price

the amount of money given or asked for when goods and services are bought or asked is called the?

supply

the amount of money that producers will provide at various prices is called?

demand

the amount of goods and services that producers that consumers are willing to buy at various prices.

entrepreneur

an individual who undertakes the creation, organization, an ownership of a business is what?

natural resources

raw materials from nature used to produce goods are?

renewable resources

cattle and wheat are examples of?

labor resources

people who make goods and services for which they are paid are classified as?

capital resources

buildings, delivery trucks, and equipment are examples of?

entrepreneurial resources

must adapt to meet society's changing wants and needs

market economy

resources and businesses are privately owned.

demand economy

central authority owns and controls resources and make key economic decisions.

less

in a market economy, as the price of a product increases, consumers will generally buy?

cost and profit

producers in a market economy set prices that will cover their blank and result in a blank

same wages

in a command economy, highly skilled workers often earn blank low-skilled workers.

socialistic

economies with greater environmental control of resources are considered more blank

mixed

most nations operate under a mixed economy