When there are not enough resources to meet people's wants
In a __________ economy, the government makes all economic decisions and owns or controls all the factors of production.
The money an individual or business has left after paying expenses
__________ countries depend on one another for different goods and services.
A person who organizes, manages, and assumes the risk of a business
Products that people can consume or use, such as food or tools
In a __________ economy, businesses are largely free to operate as they please but must obey laws and rules set up by the government.
To bring in goods or services from another country
A system of producing, selling, and being goods and services
People have a __________ when they can produce a good more efficiently, or at a lower cost, than other people.
The desire to have a good or service and the ability to pay for it
Four factors of production include __________, capital, labor, and entrepreneurs.
Using __________ system, the first type of trade system, people exchanged goods and services directly for other goods and services.
A type of investment that represents partial ownership of a business
Activities that people do for others
In a __________ economy, economic decisions are based on how economic activity has been carried out in the past.