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Business Workbook Questions

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All nations do not have unlimited resources, so the problem of scarcity allows them to make decisions for the greater good of the country.
Both of these types of resources are needed to create a successful business. Labor resources are strictly the people doing work and entrepreneurial resources is the ability to recognize the opportunity to start a successful business.
Natural resources are raw materials that are needed to make a product. Five examples of natural resources are coal,water,wheat,cattle, and iron.
The market decides what the buyers want to pay for so only the items that will be bought are manufactured.
The individual's income decides how much of a product he or she can buy. Since there is an uneven spread of …show more content…

Factors of production- All the economic resources necessary to produce a society's good and services.
Natural resources- The raw materials from nature that are used to produce goods.
Labor resources- The people who make the good or service that they are paid to do.
Capital resources- The things used to make the good or provide the service. (technology)
Entrepreneurial resources- The ability to recognize when a successful business opportunity is prevalent.
Entrepreneurship- The process of recognizing a business potential, and gathering information and resources to start that business.
Entrepreneur- An individual that understands the creation, organizational, and ownership of a business.
Economics- The study of how individuals and groups of individuals strive that satisfy their needs and wants by making choices.
Economic systems- methods societies use to distribute resources
Market economy- an economic system in which economic decisions are made in the marketplace.
Price- The amount of money asks for when a good or service is bought or sold.
Supply- the amount of a good or service that producer will provide at various …show more content…

Relationship- The association of business and individuals that makes the business make productsthe consumers want.
Interact- The act of a business participating in the life of a consumer.
Observed- What a business does to find out what it needs to do to get more revenue from consumers.
Control- The ability to alter any factor of production.

1. They must choose what they want to produce to satisfy the most of their needs and want of the country as a whole. Since there is limited resources they must make the best decision for the country.

2. The four factors of production are natural, labor, capital, and entrepreneurial resources. Natural resources are the raw materials that are needed for a production or service. Labor resources are the workers or machines that do the work in the factories or business location. Capital resources are the technology that is used to make a good or provide a service. Entrepreneurial resources are the people that can recognize when a business can flourish in an environment and give information and money to start that

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