Basic Economics
Scarcity and Opporunity
Factors of Production
Productivity
Specialization
100
These are necessary to survive
What are Needs
100
In a trade you give up...
What is one thing for another
100
Minerals, land, water and forests are
What is Natural Resources
100
The amount of goods and services workers can produce in a given time
What is productivity
100
Using labor, or ___________, well increases productivity
What is human resources
200
These make life better
What are wants
200
The cost of a trade off is called an
What is opportunity cost
200
If labor is scarce, we will have to _____ for it
What is pay
200
When cars were first made, how many people worked on a car from beginning to end?
What is one
200
The computer is the best example of this
What is technology
300
When work is done for other people for a fee
What is a service
300
Resources are limited, but wants are
What is unlimited
300
Money, buildings and tools are
What are capital resources
300
Henry Ford used this to make cars faster
What is an assembly line
300
When a person, country or region works on making one part of an item
What is specialization
400
Items people buys are
What are goods
400
The most basic of economic problems
What is scarcity
400
Someone who starts there own new business
Who is an entrepreneur
400
Dividing up workers so that each worker completes one job, which is one part of a larger job
What is division of Labor
400
This teacher is often confused with Brad Pitt because he is so good looking
Who is Mr. Johnson
500
How people and countries use resources is the study of ...
What is Economics
500
You can look at trade-offs and opportunity costs on a
What is production possibilities curve
500
This person runs all parts of a business
What is a manager
500
After the starting to use the assembly line, how many cars did they start producing?
What is thousands
500
Businesses store large amount of information on this
What is a database
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