Terms
Define "Price"
What is "the amount of money that people pay for a good or service"
Activities performed by people, firms or government agencies to satisfy economic wants.
What is Services
This American Entrepreneur co-founded Zookie's Cookies, which he presented to the judges on Shark Tank. He also uses his talents to paint pets on customized Vans.
Who is Justin Miller
The amount of a good or service that producers are willing and able to offer for sale
What is Supply
Define "Entrepreneur"
What is "one who uses their skills to launch a new business; a risk-taker!"
Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest, and dividends.
What is Income
This American Entrepreneur was an animator, film producer, writer, and voice actor who is legacy continues on even after his passing. Every one of you has watched something that has been a product of his company. He also has 2 theme parks in the United States.
Who is Walt Disney
Define "Demand"
What is the quantity of a good or service that buyers are willing and able to buy
Define "Market Economy"
What is "the buying and selling of goods and services"
People and firms that use resources to make goods and services.
What is Producers
This American Entrepreneur started his company and product inside his garage and now 44 years later it is known as the first ever trillion dollar company. He started with desktop computers and then expanded his company into music players, headphones, laptops, watches, and cellphones. There are 506 stores in 25 countries worldwide.
Who is Steve Jobs
The health, education, experience, training, skills and values of people. Also known as human capital.
What is Human Resources
Define "Consumer"
What is "people who use goods or services to satisfy their personal needs and not for the resale or in the production of other goods and services."
The amount of output (goods and services) produced per unit of input (productive resources) used.
What is Productivity
This entrepreneur made his mark in industrial design and engineering. He is most famous for his creation of a electric vehicle, known as the Tesla
Who is Elon Musk
Define "Natural Resources"
What is "Gifts of nature" that can be used to produce goods and services
Define "Capital Resources"
What is "Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings."
The condition that exists because human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use. The problem of scarcity faces all individuals and organizations, including firms and government agencies.
What is Scarcity
This American entrepreneur and businessman is the founder of the Ford Motor Company, and creator of the assembly line technique of mass production.
Who is Henry Ford
Decision made or course of action taken when faced with a set of alternatives.
What is Choice