Production
Specialization and Division of Labor
Scarcity
Resources and Wants
Voluntary Exchange
100
All structures and equipment involved in the manufacturing process.
What is capital?
100
Specialization is devotion of resources to a specific task.
What is Specialization?
100
Scarcity is the lack of resources needed.
What is Scarcity?
100
A desired good.
What is the definition of 'Want'?
100
Voluntary Exchange allows individuals and businesses to freely trade goods for other things of value.
What is Voluntary Exchange?
200
One who starts a business.
What is an entrepreneur?
200
The act of splitting up work into smaller and more specialized tasks.
What is Division of Labor?
200
The maximum that one can charge for a good or a service.
What is a Price Ceiling?
200
Needs are necessary goods.
What is the definition of 'Needs'?
200
An innovation is the improvement of a good.
What is an innovation?
300
Not only the property on which a production plant is built but also all other natural resources involved.
Define Land.
300
Division allows more people to work on specific tasks rather than everyone working on one large task.
What good does Division of Labor do?
300
The minimum that one can charge for a good or a service.
What is a Price Floor?
300
-An iPhone -A new car -Money
What are three examples of wants?
300
An invention is a new and improved good.
What is an invention?
400
The contribution of human workers to the production process.
What is Labor?
400
- Medical careers - Automotive mechanics - Engineering careers
Name three positions that require specialization.
400
Rationing is a way to conserve goods during times of increased scarcity.
What is Rationing?
400
-Food -Water -Housing
What are three examples of needs?
400
An inventor who came up with a way to mass-produce housing for United States citizens.
Who is William Levitt and what did he do?
500
Things that humans can put to productive use.
What are resources?
500
McDonald's is a company with Division of Labor.
Name a company with Division of Labor.
500
Higher prices allows a company to charge more for their product in order to limit the amount of customers.
What good does higher prices do?
500
The goods that are desired would be more plentiful which would allow them to be sold cheaper.
How could more resources fulfill more wants?
500
Increased productivity and efficiency.
What is a benefit of Voluntary Exchange?
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