<p>Name______Principles of Business, Marketing, & Finance CHAPTER 2 ECONOMIC RESOURCES AND SYSTEMS DEFINITIONS: Scarcity-</p><p>Factors of production-</p><p>Natural resources-</p><p>Human resources-</p><p>Capital resources-</p><p>Entrepreneurial resources-</p><p>Economics-</p><p>Market economy-</p><p>Supply-</p><p>Demand-</p><p>Equilibrium price-</p><p>Command economy-</p><p>Mixed economy- Chapter 2- Learning Objectives</p><p>List the four factors of production-</p><p>1.</p><p>2.</p><p>3.</p><p>4.</p><p>What is the difference between market and command economics?</p><p>Explain why most countries prefer a mixed economy?</p><p>How can a change in supply increase a price? A change in demand?</p><p>In what economic system are the resources privately owned? Owned and controlled by the government? CHAPTER 2- Economic Resources and Systems FAST REVIEW</p><p>Pg 22</p><p>1. What is scarcity?</p><p>2. What are some examples of capital resources?</p><p>Pg 23</p><p>1. When a society chooses to use a resource for one purpose and gives up the opportunity to use it for some other purpose, what cost is involved?</p><p>2. What happens to production methods when a country discovers new ways to combine economic resources?</p><p>3. In most countries, what determines how many goods and services a person can buy? Pg. 27.</p><p>1. Summarize how economic decisions in the market economy are made.</p><p>2. Compare the types of economic systems.</p><p>3. What are the advantages and disadvantages of a command economy and a market economy?</p>