Factors of Production
What are the factors of production?
Land, Labor, Capital, and Entrepreneurship
Give three examples of "needs" and "wants."
Answers will vary. Need-shelter, food, clothing
Wants-video games, TV, a pair of Nike
The study of how people try to satisfy what appears to be unlimited and competing wants through careful use of scarce resources.
Economics
These are alternative choices.
Trade offs
What is a CD?
Certificate of deposit
This is the work done by people. The value of the workforce depends on workers' education, skills, and motivation.
Labor
True or False: Choices as a consumer have no impact on the larger social environment.
False
The cost of what was given up when choices are made.
Opportunity Cost
TV-Need or Want
Want
Which two savings vehicles have higher interest rates than savings accounts?
Money market account and certificate of deposit(CD)
These are man-made objects like machinery, equipment, and chemicals that are used in production.
Capital
The amount of something consumers are willing to buy for a certain price.
Demand
This is a lack of goods or services.
Scarcity
Shelter-Need or Want
Need
An amount paid to you by the bank for leaving your money in a savings account.
Interest
This is short for all the natural resources available to create supply. It includes raw property and anything that comes from the ground.
Land
The amount producers will make for a certain price.
Supply
A motivation for a particular action.
Incentive
True or False: Saving is a learned skill.
True
A savings account that earns a higher rate than a basic account. It requires a larger minimum balance that allows you to write a few checks a month.
Money market account
The skills, knowledge and hard work that people bring to their jobs.
Human Resources
Explain the difference between consumer and producer.
Consumer is someone who buys goods and services. Producer is companies or individuals who make or provide goods and services.
Consumers make the decisions and control the market through purchases.
Consumer sovereignty
Having a job-Need or Want
Need
Who can use a savings account?
Everyone