Gov
government ruled by a king or queen
monarchy
land
_________ refers to the quantity, or the total amount, of a good or service available to buy
supply
In 1948, "Papa" John Schnatter established his pizza business in Jefferson, IN. The franchise quickly grew to over 1,000 locations by 1996. By 2004, Papa John's officially introduced chicken wings on their menu.
Identify at least 3 examples for the LAND Factor of Production involved in Papa Johns.
chicken; cows; water; wheat; eggs; tomatoes; bell peppers; olives; mushrooms, pineapple
any NATURAL resources
economic SYSTEM in which country's trade and industry is based on making a PROFIT; government does do intervene
capitalism
government based on religion (religious figures or religious laws)
theocracy
to trade
barter
Physical objects that someone produces is known as _____
*these ______ will be sold for profit in a capitalist economy.
goods
Mr. Jansen, the Chocolate Tsar, recently took ownership of Mars Inc., known for chocolate candies such as Milky Way’s, Snickers, M&M’s, and Dove Chocolates.
Identify at least 3 examples for the LAND Factor of Production involved in the Chocolate Tsar’s Company.
Cacao beans, cows, peanuts, cows, eggs, salt, palm trees (for palm oil)
economy in which production is based on customs and traditions; think hunting and gathering
traditional economy
government ruled by a FEW; a small group rules based on race, wealth, or corporation
oligarchy
Human effort directed toward producing goods and services; jobs or workers
labor
The price point where SUPPLY and DEMAND are EQUAL is known as ______________________________
market equilibrium
In 1948, "Papa" John Schnatter established his pizza business in Jefferson, IN. The franchise quickly grew to over 1,000 locations by 1996. By 2004, Papa John's officially introduced chicken wings on their menu.
Identify at least 2 examples for the LABOR Factor of Production involved in Papa Johns.
manager, owner, cook, dishwasher, delivery person, shipment delivery person
An economic system in which the government makes all the economic decisions. They decide what goods to produce, how to produce them, and how to distribute them
command economy
government with a president, constitution, and elected representatives
republic
an excess production; supply surpasses demand
surplus
In 2025, there have been several recalls on eggs due to an outbreak of the avian (bird) flu. Demand for eggs are high, however, supply of eggs is low.
What can we expect will happen to the price of eggs?
prices for eggs will increase.
Mr. Jansen, the Chocolate Tsar, recently took ownership of Mars Inc., known for chocolate candies such as Milky Way’s, Snickers, M&M’s, and Dove Chocolates.
Identify at least 3 examples for the LABOR Factor of Production involved in the Chocolate Tsar’s Company.
Harvesters/farmers; factory workers (refinery, grinding, tempering/melting); cargo ship captains ; packaging workers; delivery drivers; retail workers; manager;
Private individuals and businesses make economic decisions. Prices and production are based on supply and demand
market economy
ruler in this government has absolute control over the citizens lives
dictatorship
a shortage or insufficient supply of a good or product
scarcity
At the end of a hot day, ten people want to buy a glass of lemonade. However, the local lemonade stand only had 5 glasses of lemonade left.
Because demand has increase, what can you predict will happen to the price of lemonade?
Price of lemonade will increase
In 1948, "Papa" John Schnatter established his pizza business in Jefferson, IN. The franchise quickly grew to over 1,000 locations by 1996. By 2004, Papa John's officially introduced chicken wings on their menu.
Identify at least 3 examples for the CAPITAL Factor of Production involved in Papa Johns.
Pizza, dough, flour, cheese, pepperoni, tomato sauce, buffalo sauce
Computer, phone, company car, kitchen monitor, sink, oven
Cardboard box
Economy controlled by both private businesses and some regulation by the government
Mixed economy
government where citizens vote on every issue. ALL citizens are invovled
direct democracy
money or man-made objects owned by a business to help make a product or perform a service
capital
At the Michael Scott Paper Company, there was an overproduction of paper. There is now a surplus of paper, but demand has not changed. Michael Scott still needs to make a profit for his business.
What can Michael Scott do to sell off the surplus?
Michael Scott can lower prices of paper to increase demand
Mr. Jansen, the Chocolate Tsar, recently took ownership of Mars Inc., known for chocolate candies such as Milky Way’s, Snickers, M&M’s, and Dove Chocolates.
Identify at least 3 examples for the CAPITAL Factor of Production involved in the Chocolate Tsar’s Company.
cacao powder; grinders; ovens; tempering machines; factory building; plastic packaging; sugar, palm oil; vanilla extract
ex: Cuba
Communism