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Activity 4C

Do You Think You Can Become A Successful Entrepreneur?

TermDefinition
Goods Physical objects that people make. They can be seen and touched.
Services Actions that people perform for others.
Scarcity When there is not enough of something.
Unlimited wants Constantly wanting things.
Economic system The framework that a society uses to determine how to go about answering three basic economic questions: What should be produced? How should it be produced? Who gets what is produced?
Traditional Economy Basic economic questions are answered by following past customs and traditions.
Command Economy Basic economic questions are answered by government leaders or the people in power.
Market Economy The people are free to produce whatever they wish and to buy whatever they can afford.
Producers People who make goods or provide services.
Consumers People who buy goods and services from producers.
Entrepreneur People who start their own business.
Profits The money that remains after the costs of running the business are paid.
Productive Resources All of the things that are needed to produce a good or service. They are sometimes referred to as, the factors of production.
Natural Resources Resources that are found in nature.
Human Resources The people who produce goods or provide services through their work.
Capital Goods Those things that are made in order to make other goods or to perform services. Examples are machines and tools.
Limited Resources All the goods and services available in the world at any one time.
Created by: betsywellman
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