Basic Economic Concepts
Something that you do not have to have to survive?
What is a want.
A lack of resources is
What is scarcity.
Economic resource dealing with property and natural resources.
What is Land.
This resource includes tools and machines used to produce goods.
What is capital?
Which resource comes directly from nature?
What is land.
Somethings you have to have in order to survive.
What is a need.
The work people do to produce goods and deliver services
What is Labor.
Which economic resource includes human effort used in production?
What is labor
This resource involves organizing other resources and taking risks.
What is entrepreneurship?
A factory building is classified as which economic resource:
What is capital.
Term for physical objects or merchandise.
What is a good.
Someone who takes a risk in starting new business or service
What is an entrepreneur?
When supply is low, price is _______.
What is high.
Which resource includes human skills and effort?
What is labor?
Why does scarcity exist ?
What is because wants exceed available resources.
Term for the performance of any duties or work for another person by a helpful person or professional
What is a service?
Economic resource dealing with property and natural resources.
What is land.
Which economic resource includes human effort used in production?
What is labor.
An engineer designing a bridge is an example of which economic resource: Land, Labor, Capital, Entrepreneurship
Labor
These are used to produce goods and services
What is economic resources.
The money left over after a business has paid the cost of providing its goods and services.
What is profit.
The system and resources of a country or region, esp. in terms of the production and consumption of goods and services.
What is an economy.
When demand is high, supply is_________.
What is low.
Which example best shows capital and labor working together?
a) A river flowing
b) A student studying
c) A worker using a drill
d) A person writing a business plan
c) A worker using a drill
Tools and machines used to produce goods
What is capital resources.