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Prin of Entrep Ch 1

QuestionAnswer
Shared Wants Family, business, or clubs all wanting the same things or having the same goal
Scarcity shortage of one of the factors of production
Custom based economy a system in which people do things the way they always have been
private enterprise the right of an individual to choose whether to own a business what business to enter, and what to produce
capital goods machines, buildings, and equipment used to make goods and services
goals aims or objective
market economy where buyers and sellers exchange goods and services and some form of money, economic decisions are made freely
mixed economic system no system is pure, all have parts of other systems within their own system
public wants shared by all citizens such as: defense, education, or highways
economic system is the most well organized way of producing goods and services that a country can have
planned economy government decides what system will be used, removes all individual freedoms
necessary wants we need these for survival, food, clothing, and shelter
evaluation the process of deciding among choices
private property the right to own, use, or dispose of things of value, you may also sell or trade theses things
labor work done by people to produce goods and services, could be mental, physical, or both in nature
values standards or qualities that you prize or think are important
productivity the rate at which goods and services are produced
optional wants luxuries such as: a second car, boat, pool vacations, or jewelry
factors of production natural resources, labor, and capital all work together to produce goods and services
natural resources come from air, water, earth, trees, coal, iron
Created by: dwalkinshaw
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