Factors of Production
What is the definition of capital?
What is tools, equipment, machinery used to make goods and services.
Scarcity results when wants are _____.
What is unlimited.
Define consumer good.
What is a good intended for final use by individual.
What is value?
What is a worth that can expressed in dollars
What is a market?
What is A location that allows buyers and seller to exchange a certain product.
What is the definition of land?
What is natural resources not created by man.
Limited
Define durable good.
What is utility?
What is the capacity to be useful.
What is factor market?
What is where individuals make money.
What is the definition of labor?
What is people with all their efforts, abilities, and skills.
Name two things that have been scarce with COVID.
What is toilet paper and hand sanitizer.
Define nondurable good.
What is a good that should not last longer than 3 years with regular use.
What is wealth?
What is the accumulation of products that are tangible, scarce, useful, and transferable from one person to another
What is product market?
What is where individuals spend their money.
What is the definition of entrepreneur?
What is someone who does something new with existing resources.
What is one thing that is not scarce in Hawaii?
What is fruit. (Answers may vary)
Define service.
What is work performed by someone.
What must something have to be valuable?
What is utility!
What is an example of a product market?
Answers may vary.
Give an example of the four factors of production.
Answers may vary.
What two things cause scarcity?
What is unlimited wants and limited resources
Define consumer.
The people who use goods and services to satisfy their wants and needs
What two things determine somethings value?
What is scarcity and utility
Provide an example of a circular flow chart in Waianae.
Answers may vary.