Chapter 2 Key Terms

3. A creative problem-solving technique that involve generating a large number of fresh (or new) ideas.
6. The ability to learn a particular kind of job.
8. Activities that are consumed as they are produced.
10. The difference between the revenues earned by a business and the costs of operating the business.
12. The process of running one's own business.
13. The quantity of a good or service a producer is willing to produce at different prices.
15. Things that you must have in order to survive.

1. The right set of skills needed to get the job done and help accomplish the team's goals.
2. Things that you think you must have in order to be satisfied.
4. Thoughts or concepts that come from creative thinking.
5. This occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited.
7. Possibilities that arise from existing conditions.
9. The private ownership of resources by individuals rather than by the government.
11. The quantity of a good or service that consumers are willing to but at a given price.
14. Products that you can see and touch.