Factors of Production
This factor of Production includes Natural Resources
Land
What are the 3 Basic Economic Questions
What to Produce?
How to Produce?
For whom to Produce?
Something found outside is considered a
Natural resource
Define Economics in your own words
The decisions that people make due to Scarcity of resources
The Machines used to transport boxes in an amazon warehouse is an example of what type of factor of Production
Capital
A system where Businesses, private companies and Corporations make all the decision is what type of economy?
Market Economy
A person driving people around as an Uber driver is considered what type of resource?
Human Resource
What you give up when you make a decision is called?
Opportunity Cost
People who take risks and bring new goods to the market are considered what?
Entrepreneurs
A government mandating products have Expiration dates while allowing a grocery store to sell whatever they want is an example of what type of Economy?
Mixed Economy
If a resource is considered "Infinite" it can also be called a _______ resource
Renewable
When a Person is working or providing their labor they are producing a _____ or a _______
Good or a service
The employees, the cashier, and the manager in a barbershop are considered which factor of production?
Labor
A system that is based on customs, agriculture and bartering is considered a?
Traditional Economy
Natural resources that can be considered 'finite' are also called?
Non-renewable resources
When a society doesn't have enough of a resource for everything this called?
Scarcity
the Soviet Union, China, and North Korea are all considered examples of what type of economy
Command economy
A system where the State makes all economic decisions is called?
command economy
an object made by a person that is used by people is called a
Capital Resource
When you don't have enough money to do everything you have to prioritize what you spend your money on, this can also be called?
Budgetting