What are the 4 factors of production?
Land, Labor, Capital, Entrepreneurship.
What does “economic utility” mean?
The value or satisfaction a customer gets from a product or service.
What does “scarcity” mean?
Not enough resources to meet everyone’s wants.
What is an economic good?
A physical item you can touch or buy.
Which option usually has the lowest upfront cost: buying, leasing, or building?
Leasing.
Which factor of production is a farmer’s field?
Land.
Turning wheat into bread is an example of which type of utility?
Form Utility.
What is the price of a product?
The amount you pay for it.
What is an economic service?
Work someone does for you.
Which option gives a business full control over the property?
Buying.
Which factor of production includes tools, machines, and buildings?
Capital.
Selling snacks at a gas station is an example of which type of utility?
Place Utility.
If you buy a phone instead of shoes, the shoes represent what economic concept?
Opportunity Cost.
Is a haircut a good or a service?
Service.
Which property option is the most expensive upfront?
Building.
What factor of production does a business owner who starts a new store represent?
Entrepreneurship.
What type of utility is a store staying open 24 hours?
Time Utility.
Why does scarcity force people to make choices?
Because resources are limited, so we can’t have everything we want.
Is a phone a good or a service?
Good.
What is one risk of leasing property for a business?
Rent can increase, or lease can end.
Why are factors of production important?
They are the basic resources needed to make goods and services.
Allowing customers to pay with credit cards is an example of which type of utility?
Possession Utility.
Give an example of opportunity cost in your own life.
(Student examples vary – missing out on one thing to get another.)
Why do we need both goods and services in the economy?
Goods provide products we need, services provide actions we need done.
What is one benefit of buying property for a business?
Builds equity or potential long-term value.