4 Recourses
What is land?
Land deals with the natural recourses that come from the land.
What is production?
Production is how much goods and services are made by an individual, a company, or even a country.
What is economics?
●The study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs.
What does GDP mean?
A measure of the production of an entire country in one year is GDP
What is the average shoe size for U.S. males?
A size 10.5
What is Labor?
Labor is the workforce that forms the products or services that company is selling.
What is an opportunity cost?
Opportunity cost is the value of the next best choice.
What does Macroeconomics mean?
●The big picture: growth, employment, etc.
○This includes choices made by large groups like countries.
What does getting paid on salary mean?
Getting paid a set amount annually (not working hourly)
What is the average shower time in the U.S.
8 minutes
What is Capital?
Capital deals with the machinery and tools a company has in order to produce their product.
What is the difference between a good and a service?
Good is something you make, a service is something you do.
What is Microeconomics?
●Microeconomics– How do individuals make economic decisions?
What is a strike? (Think about unions).
When an agreement can’t be reached, workers stop working to try to force the hand of the company.
What is the average height of a woman in the U.S.
5 foot 4 inches
What is Entrepreneurship?
Entrepreneurship is the ability to successfully combine the other forms of production (land, Labor, Capital ) in order to create a profit.
What's the difference between capital and consumer goods?
Capital are goods that make other goods, consumer goods are the final products for the consumers.
What are recources?
the things used to make other goods.
What are some goals of a labor union?
Wage protection.
Workplace safety.
Benefits.
Job protection
When was the first mechanical sewing machine invented?
1830
What does the law of diminishing returns mean?
This states that in all productive processes, adding more of one factor of production will at some point yield lower incremental per-unit returns.
What are the three parts of the production process?
Factors of Production – what we need to make goods and services.
Producer – company that makes goods and/or delivers services.
Consumer – people who buy goods and services.
What is scarcity?
Scarcity means that there are limited resources in the world.
What does division of labor mean?
Means that different people perform different jobs to achieve greater efficiency
When did McDonalds open?
1955