Factors of Production
Economic Systems
Supple and Demand
Intro to Economics
Random
100
Raw Materials Found in Nature
Natural Resources
100
The survival of any society depends on its ability to provide food, clothing, and shelter for its people. Because these societies face scarcity, decisions concerning WHAT, HOW, AND FOR WHOM to produce must be made
Defenition of Economic Systems
100
Supply Curve
100
Limited resources and unlimited wants and needs
Scaricty
100
Before creating Apple Steve Jobs was a
Entreprenuer
200
Knowledge, effort, and skills people bring to their work, also called labor
Human Resources
200
Tradition and custom govern decisions. Found in rural underdeveloped countries. (ex. Farming, hunting, and gatherings)
Traditional Economy
200
Demand Curve
200
Something that can be physically weighed or measured
Goods
200
Google was founded in what year
1998
300
Things used to produce good/services, like buildings, material, and equipment
Capital Resources
300
Combination of a market and command economy
Mixed Economy
300
Supply and demand are equal
Equilibrum
300
Necessities
Luxeries
Opportunity Cost
What Businesses Provide
300
What was the first billion-dollar business
U.S Steel
400
The initiative to improve goods and services or create new ones
Entrenprenual Resources
400
Market economy system in which resources are privately owned
Capitilism
400
Amount of goods consumers are willing and able to buy
Demand
400
You depend on the business and they depend on you
Mutual Realationship
400
Whoi made the supply and demand curve
Augustin Cournot
500
All components necessary to produce a societies goods/services
Definition of Factors or Production
500
Moderate command economy where there is some form of private enterprise
Socialism
500
If the price is up the stock/quantity is up
Law of Supply (Producer view)
500
knowledge, efforts, and skills people bring to work, also called labor
Human Resources
500
When was the first business created
5,000 years ago