Intro to Business Chapter 2

Chapter 2 of intro to

9 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Who deals with shortgage of resources
Both individuals and society
What is a shortage of resources
Scarcity
What are means to produce goods or services
Factors of production
What are limited resources called
Non-renewable
What type of resources are teachers, coal miners and bank managers
Human resources
Raw materials from nature used to produce goods
Natural resources
The knowledge, efforts, and skills people provide, also called labor
Human resources
The study of how society chooses to use resources to produce and distribute goods and services for people's consumption
Economics
A system in which a central authority, such as the state, makes the key economic decisions
Command economy