Factors of Production
Economic Utility
Scarcity, Price, and Opportunity Cost
Goods vs. Services
Business Property Options
100

What are the 4 factors of production?

Land, Labor, Capital, Entrepreneurship.

100

What does “economic utility” mean?

The value or satisfaction a customer gets from a product or service.

100

What does “scarcity” mean?

Not enough resources to meet everyone’s wants.

100

What is an economic good?

A physical item you can touch or buy.

100

Which option usually has the lowest upfront cost: buying, leasing, or building?

Leasing.

200

Which factor of production is a farmer’s field?

Land.

200

Turning wheat into bread is an example of which type of utility?

Form Utility.

200

What is the price of a product?

The amount you pay for it.

200

What is an economic service?

Work someone does for you.

200

Which option gives a business full control over the property?

Buying.

300

Which factor of production includes tools, machines, and buildings?

Capital.

300

Selling snacks at a gas station is an example of which type of utility?

Place Utility.

300

If you buy a phone instead of shoes, the shoes represent what economic concept?

Opportunity Cost.

300

Is a haircut a good or a service?

Service.

300

Which property option is the most expensive upfront?

Building.

400

What factor of production does a business owner who starts a new store represent?

Entrepreneurship.

400

What type of utility is a store staying open 24 hours?

Time Utility.

400

Why does scarcity force people to make choices?

Because resources are limited, so we can’t have everything we want.

400

Is a phone a good or a service?

Good.

400

What is one risk of leasing property for a business?

Rent can increase, or lease can end.

500

Why are factors of production important?

They are the basic resources needed to make goods and services.

500

Allowing customers to pay with credit cards is an example of which type of utility?

Possession Utility.

500

Give an example of opportunity cost in your own life.

(Student examples vary – missing out on one thing to get another.)

500

Why do we need both goods and services in the economy?

Goods provide products we need, services provide actions we need done.

500

What is one benefit of buying property for a business?

Builds equity or potential long-term value.

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