Chapter 1
Name the 4 factors of priduction
Land
Labor
Capital
Enterprise
The skills & people woh make goods and services. This is which factor of production?
Labor
How do you organize businesses by what they do.
Primary, Secondary, and Tertiary
How do we organize businesses by owner and objctives?
Private, Public and Mixed Economy.
How many Needs and wants are there?
Unlimited Needs and Wants
What are factors of production? (definition)
Resources needed by a business to produce goods & services
Man made resources & finance needed to produce goods & services which factor oif production is this?
Capital
Tell me what verb is used in Primary sector to describe what businesses do in Primary sector
In the primary sector businesses EXTRACT natural goods from the ground
What sector is owned and controlled by individuals and its main objective is to make profit?
Private sector
The Four factors of production are ____________ which is why we can have an economic problem if demand for needs and wants are too high.
Limited
All natural resources obtained by land or sea - EX: Minerals fihing, forestry, oils. These are examples of which factor of production?
Land
The person who takes the risk of setting up the business. known as entreprenure. Which factor of production is this?
Enterprise
A business who cleans and manufactures the milk and will later sell them to a retailer for customers to buy is what sector
Secondary sector
Sector that is owned and controlled by the government with the objective to create products and services for citizens of the country.
Public sector
Name the three types of goods and services
How do you calculate added value?
Selling price - cost of materials = Added value
What are the 4 ways businesses can add value?
Branding
Improving quality
Design
Added Convenince
What verb is used in the tertiary sector
Providing Goods & Services to final customer
When private and public sector work together to create product or services.
What is a capital Good or Service
A good or service created by a business and sold to another business.
What is opportunity cost?
The next best alternative given up by choosing a different option.
What is an economic problem?
a limited amount of resources to fufill the unlimited needs and wants and needs. meaning that demand of the products / services are higher than the resources to fufill it.
When a product goes through all three sectors what is this called?
Chain of Production
Give me one example of Private, Public, and Mixed economy businesses
Google, Transporte publico, Concertado
Finish the sentences: Business Activity Create ___________ & ____________ for __________ who have ________ & _________ which are ____________. The 4 factors of prodcution are ____________ that are __________..... so all of this creates an __________ __________
Business Activity Create ___Goods________ & __Services__________ for __Customers____ who have ___Needs__ & ____Wants_____ which are ___UNLIMITED_________. The 4 factors of prodcution are ____Resources____ that are _____Limited _____..... so all of this can create an ______Economic ____ __Problem______