Factors of Production
The study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
What is economics?
Something you are not able to do without in order to survive.
What is a need?
Because resources are scarce, people face ______________.
What is trade-off?
A problem every economy is faced with.
What is the main economic problem?
The study of individual markets within an economy
What is micro-economics?
A desire for something that you dont need.
What is a want?
The value of the next best alternative that you have forgone (given up).
What is an opportunity cost?
UAE only produces oil and this looks at one of the questions of the economic problem.
What to produce?
The study of the economy as a whole.
What is macro-economics?
lamborghini, cartier watch
What are examples of wants?
Amr has to complete a horse race this weekend but he also has to visit a sick friend during visiting hours at the hospital which coincides with the horse race. He has to ____________.
What is choice?
The UAE uses a large amount of capital and labor to drill oil.
What is scarcity?
Tangible items we can see and touch
What is a good?
An area known for having a large lumber industry would be located in an area with type of landform
What is massive forests
Much of the oil produced in the UAE is exported to other countries.
For whom to produce?
The result of scarcity leads to make _____________
What is choice?
Something that we can get other people to do for us?
What is a service?
The fact some countries use more labor than capital to produce.
How to produce?