2.1: Economic Resources Flashcards
1
Q
Scarcity
A
Limited resources to satisfy the unlimited needs & wants
2
Q
Shortage
A
Temporary & man-made unavailability
3
Q
Factors of Production
A
The economic resources necessary to produce a society’s goods & services
4
Q
4 Factors of Production
A
Natural resources, labor resources, capital resources, entrepreneurial resources
5
Q
Entrepreneur
A
An individual who undertakes the creation, organization, and ownership of a business
6
Q
Entrepreneurship
A
The process of recognizing a business opportunity, testing it in the market, and gathering resources necessary to start and run a business
