Chapter 14
You have skills that are needed at almost any size building. You earn enough money to buy a house when you're 27. These are all ___ consequences.
Future
Define consumption
(answers may vary)
use of goods and services
The maximum output of an economy
Productive Capacity
A venn diagram is an example of what skill
Compare and Contrast
Minerals and labor used to create goods and services
Productive resources
The USA has a high productive Capacity because of these reasons
(only need one)
educated people to fill jobs
abundant natural resources
capital goods
entrepreneurs
Name a present consequence of a water shortage
(answers may vary)
If the beaches are beautiful in Florida, Florida will most likely attract _____
Tourists
Which country has a higher productive capacity
A: few productive resources
B: plentiful productive resources
B
Oh no my order got scrambled! Put them in order from most present to latter.
A. Future Consequences
B. Make a choice
C. Evaluate Alternatives
D. Present Consequences
E. Become aware of an issue
E ,C ,B ,D ,A
By choosing one thing, others are given up. This is called ____
Opportunity Cost
Division of labor is the way that ______ are separated.
work tasks
Name a benefit of choosing to buy a new skateboard instead of buying new wheels for your old skateboard
(answers may vary)
Better, Faster skateboard
$80 spent
Skateboard lasts for many years
A town has a warm climate, fertile soil, lots of undeveloped land, and an agricultural work fair. What industry will likely develop there?
Farming
True or false; division of labor does not apply to small businesses
FALSE