Economic Resources
The means through which goods and services are produced?
What is Economic Resources?
The difference between the revenues earned by a business and the costs of operating the business?
Solves problems, oversees the work of employees, and evaluates the activities of the business?
What is Management?
The quantity of a good or service a producer is willing to produce at different prices is?
What is Supply?
Beth's mother has three daughters. One is called Lara, the other one is Sara. What is the name of the third daughter?
Beth
Name three factors of production?
What is Natural Resources, Human Resources, and Capital Resources?
Occurs when people's needs and wants are unlimited needs and wants?
What is Scarcity?
What are some activities that make up the Marketing Mix?
What is product, distribution, price, and promotion?
Costs that go up and down depending on the quantity of the good or service produced?
What is Variable Costs?
I'm tall when I'm young and I'm short when I'm old. What am I?
What is a Candle?
Assets used in the production of goods and services?
What is Capital Resources?
The value of the next-best alternative - the one you pass up?
What is Opportunity Cost?
Name four Functions of Business?
What is Production, Marketing, Management, and Finance?
The point at which the supply and demand curves meet is known as the?
What is Equilibrium Price and Quantity?
What starts with the letter "t", is filled with "t" and ends in "t"?
What is a teapot?
This DIVISION divides the production process into seperate tasks carried out by workers who specialize in those specific tasks?
What is Division of Labor?
The four basic principles of the U.S. economic system?
What is Private Property, Freedom of Choice, Profit, and Competition?
What is one of the first responsibilities of Finance?
Costs that must be paid regardless of how much of a good or service is produced?
What is Fixed Costs?
You are a cyclist in a cross-country race. Just before the crossing finish line, you overtake the person in second place. In what place did you finish?
Second place. If you pass the person in second, you take second place, and they become third.
This law states that if one factor of production is increased while others stay the same, resulting increase in output (product produced) will level off after some time and then will decline?
What is Law of Diminishing Returns?
(Hint: Due to the freedom of businesses and individuals to make production and comsumption decisions.)
What is Free Enterprise?
This function creates or obtains products or services for sale?
What is Production?
Measures the disadvantages of producing one additional additional unit of a good or service?
What is Marginal Cost?
Where will you find roads without vehicles, forests without trees, and cities without houses?