Vocabulary
The study of how people seek to satisfy their needs and wants by making choices.
What is Economics?
Name the 3 factors of production:
What is Land, Labor, and Capital?
Limited supply of resources to meet unlimited wants.
What is Scarcity?
The situation in which a good or service is unavailable at the prevailing price.
What is shortage?
Any man-made goods that are used to produce other good and services; tools and buildings and more.
What is Capital?
What are natural resources that are used to make goods and services? Name 3 examples of this.
What is land, forests, oceans...?
What are the 3 basic needs?
What is food, shelter and clothing
This can be temporary or long term?
What is shortage?
The cost of obtaining one more of an item.
What is marginal cost?
Medical aid provided or repair of a television are examples of this.
What is Labor?
What is an item that we desire but that is not essential for survival, and is the basic cause of scarcity?
What is a want?
Natural Resources such as gold and diamonds are examples of this.
What is scarcity?
A person who combines land, labor, and capital to create and market new goods and service.
Who is an entrepreneur?
What is any man-made resource that is used to create other goods and services?
What is Capital?
Which of the following would not be classified as a good:
A. a concert ticket
B. Oil change
C. Motorcycle
What is B - Oil change?
What is the core problem of Economics?
What is scarcity?
What are The three groups of resources that are used to make all goods and services?
What are Factors of Production?
Name one example of the land, labor, and capital used for the company Nike.
What is Answer Varies.
Name 5 examples of workers that help produce a car.
What is ...? Answers may include production manager, supervisor, assembly line worker, welder, machine operator, safety technician, quality control inspector, tool room supervisor, test engineer....
Name how # 2 pencils can be both defined as a scarcity product and shortage product.
What is scarcity-the amount of wood available to make them, shortage-sold out at a store?