Helpful Terms
Not having enough of a good is the opposite of a "surplus", this is called (Blank)
Scarcity
The US practices this type of economic -ism. TAKE THIS AS A HINT
Capitalism
These are the 4 factors of production:
Land, Labor, Capital, and Entrepreneurship
Putting products in easy to reach locations has to do with this type of utility:
Place
Income that does not have to do with the primary goal of a business like investments is called (blank) revenue
Non-Operating revenue
This involves increased global trading and specializing in making specific, superior products
Specialization
You can only invest so much land, capital, or labor into production until you see no improvement on returns or profit/revenue is otherwise known as the law of (blank)
Diminishing Returns
This factor of production has to do with organizing land, labor, and capital to start and run a successful business
Entrepreneurship
Teaching your consumers how to use your product has to do with this type of utility:
Information Utility
This type of revenue has to with income or services based on the goal of a business
Operating revenue
Breaking up labor into specific specialized tasks or stages is known as:
Division of Labor (Also will take Labor Specialization)
What economic factor considers the quantity and quality of available workforce?
Labor Availability
This factor of production has to do with using natural resources:
Land
Making products available at certain times has to do with this type of utility:
Time
Whether or not you have this (or how much you have of this) will determine if your business is successful and continue to operate:
Profit
Over-specialization can lead to a big problem if the (blank) for your specific product decreases. This is the problem of putting all your eggs in one basket
Demand
Rent, Insurance, and salaries are an example of (blank expenses)
While utilities and cost of expenses are an example of (Blank) expenses
Fixed and Variable
The human factor having to do with the physical making of a product or service
Labor
Making more useful or desirable products has to do with this type of utility:
Form
When your expenses exceed your revenue, you are operating at a:
Loss
Effectiveness of production has to do with measuring:
Productivity
Another word for "net income":
Profit
Factor of production having to do with attaining assets to run and operate a business:
Capital
This utility has to do with "ease of use" or transferability:
Possession
Total Revenue-Total Expenses = (you have to tell me both)
Profit (if positive) or Loss (if negative)