Vocabulary
A good is any item that can be _
What bought or sold?
This factor of production is all people that work for a business to make a good or service.
What is labor?
A doctor provides this.
What is a service?
A natural resource is
What is anything used to make a good or service taken from the Earth?
The definition of supply is
What is the amount of goods available?
A service is any activity that one person or group performs for another for payment. true or false
What is true?
This factor of production is the physical land and natural resources used in making a product.
What is land?
Clothing is an example of
What is goods?
An example of a natural resource is
What is air, water, wood, oil, wind energy, natural gas, iron, and coal?
The definition of demand is
What is how badly people want a good or service?
Define the vocabulary word: resource.
What is anything that can be used to produce goods and services?
This factor of production are goods used in the supply of products as well as the building, machinery, and tools.
What is capital?
If something is done for someone else this is a
What is service?
Name one renewable resource and one nonrenewable resource.
What is wood, water, wind, sunlight - coal, oil, natural gas?
Define the vocabulary word: Economics.
What is the study of how things are bought and sold?
This factor of production is the person who develops the idea and takes risks.
What is entrepreneur or entrepreneurship?
Give three examples of goods
What are clothing, food, toys, furniture, cars, planes, toothpaste, etc?
The definition of a nonrenewable resource is
What is resources that cannot be replaced after they are used?
Define the vocabulary word: entrepreneurship.
What is the willingness to take risks to combine land, labor, and capital resources to start businesses?
This is the most important factor of production.
What is all factors, a business cannot survive without any of them?
Give four examples of services.
What are doctors, lawyers, teachers, police, fireman, etc.?
Define renewable resource.
What is a resource which can be used repeatedly because it is replaced naturally?