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

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