Factors of Production
Oil is this Factor of Production
When a good is in short supply.
Scarcity
Supply & Demand are attached to each other. T or F.
True
Traditional
Example of a good.
Answers my vary (Shoes, Clothes, Computers, etc)
A mechanic is this Factor of Production.
Human Resource
A countries focus on one product or service.
If the price of something is too high what will happen to the supply?
It will increase because people are not buying it.
This type of economy is based on supply and demand.
Market Economy
Example of a service.
Answers will vary (Car wash, Nail Salon, Hair Salon, Window Cleaner, etc)
A saw is this Factor of Production.
Capital Resource
Interdependence
If a good is really popular, what will happen to demand?
It will increase.
This type of economy is one where the government closely controls the economy.
Fishing is what type of economic sector? (Primary, Secondary, Tertiary, or Quaternary)
Primary
Bill Gates is this Factor of Production.
Enterprise
When faced with an economic choice, this is the thing you give up.
Opportunity Cost
What happens to supply and demand when there is a really good sale?
The supply will go down and the demand will go up.
This type of economy is a combination of economies.
Mixed Economy
Manufactured Goods is what type of economic sector? (Primary, Secondary, Tertiary, Quaternary)
Secondary
There are two types of Natural Resources.
Renewable and Non-Renewable
In 1913, a gallon of milk costs 36 cents per gallon. 100 years later, in 2013, a gallon of milk costs $3.53.
Inflation
What will happen to supply and demand if they raise the price of a product to make it really expensive?
The supply will increase and the demand will decrease.
The Yanomamo are a South American Indian tribe living in spread out villages in the Amazon region of Brazil and Venezuela. The Yanomamo had no contact with outsiders until the middle of the twentieth century. The Yanomamo grow plantains and bananas for much of their food. They supplement this with hunting and gathering palm fruit. They meet their basic needs without outside contributions or trade. The fathers teach their sons how to hunt, the mothers teach their daughters to cook
Traditional Economy
Advertising is what type of economic sector? (Primary, Secondary, Tertiary, Quaternary)
Quaternary