Factors of Production
Man made tools and machines that help to produce goods and services
What is Capital?
You get the resource because you are first in line.
What is first come first served?
You get the resource because someone in charge gave it to you
What is authority?
Something that motivates you to do something
What is incentive?
Things given up when a choice is made
What are trade-offs?
This includes the production, buying, and selling of all goods and services
What is an economic system?
Pig
What is land?
Voting
What is Majority rule?
The lottery
What is random selection?
Your second best option
What is opportunity cost?
The best of the trade-offs
What is opportunity cost?
Most economic systems around the world are
What is a mixed economy?
Work completed by people
What is labor?
People willing to work hard
What is personal characteristics?
Competition
What is contest?
Unlimited wants exceed limited resources
What is scarcity?
Land, Labor, capital, entrepreneurship
What are factors of production?
An economic system where the leaders make all of the economic decisions
What is a command economy?
People who take a risk to start a business
What are entrepreneurs?
The library
What is sharing?
Only some people have enough money to buy
What is price?
The study of how people make decisions to meet their wants and needs
What is economics?
How much people want a good or service
What is demand?
An economic system where the producers and consumers make all of the decisions
What is a market economy?
I bring the other 3 factors of production together.
What is an emtrepreneur?
When items are rare, the price can be high.
What is supply and demand?
The zoo (2 strategies)
What are sharing and price?
The distribution of resources
What is allocation?
A person who studies how people make decisions to meet their wants and needs
What is an economist?
This is based on customs and beliefs
What is a traditional economy?