Economic Systems of Europe Test Review

study of how people and societies use limited resources to satisfy unlimited wants; the management of scarcity and choice

Limited quantities of resources to meet unlimited wants

Desires that can be satisfied by consuming a good or service

requirements for survival, such as food, clothing, and shelter

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

Human effort directed toward producing goods and services

a risk- taking individual in search of profits who does something new with existing resources

A collection of businesses with a common line of products or services

The deliberate effort to modify a portion of Earth's surface through the cultivation of crops and the raising of livestock for sustenance or economic gain.

Any activity that fulfills a human want or need and returns money to those who provide it.

financial wealth, especially that used to start or maintain a business

A figure indicating how long, on average, a person may be expected to live

The sum total of the value of all the goods and services produced in a nation

Gross domestic product divided by the number of people in the population.

the ability to read and write