Business Economics with correct answers 100% 2026

Business Economics with correct answers 100% 2026 Economics - Correct Answer The study of how resources are distributed for the production of goods and services within a social system. Natural Resources - Correct Answer Lands, forests, minerals, water, and other things not made by people. Human Resources - Correct Answer The physical and mental abilities that people use to produce goods and services; also called labor. Financial Resources - Correct Answer The funds used to acquire the natural and human resources needed to provide products; also called capital. Entrepreneurial Resources - Correct Answer Meeting the changing wants and needs of people. Entrepreneurs improve on ways to use resources, or create and produce new ones. Economic System - Correct Answer A description of how a particular society distributes its resources to produce goods and services. Demand - Correct Answer The number of goods and services that consumers are willing to buy at different prices at a specific time. Supply - Correct Answer The number of products--goods or services--that businesses are willing to sell at different prices at a specific point in time. Equilibrium Price - Correct Answer The price at which the number of products businesses are willing to supply equals the amount of products consumers are willing to buy at a specific time. Competition - Correct Answer The rivalry among businesses for consumers' dollars. Three Economic Questions - Correct Answer What should be produced? How should it be produced? Who should share in what is produced?