Introduction Chapter 2-New

Front

Resources are the things necessary for making only what people need.

Back

False

Front

Every type of business needs labor resources to produce goods and provide services.

Back

True

Front

Entrepreneurial resources are different from labor resources.

Back

True

Front

Every society has enough productive resources to produce everything people want and need.

Back

False

Front

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

Back

True

Front

A shortage of resources is called

Back

scarcity

Front

Scarcity occurs when

Back

demand exceeds supply

Front

All of the following are factors of production EXCEPT: labor resources, natural resources, capital resources

Back

educational resources

Front

Some natural resources, such as wheat and cattle, are

Back

renewable

Front

Buildings, delivery trucks, and equipment are all examples of

Back

capital resources