Levels of Industry
Scientists, surveys, and companies are part of which level of industries?
Quaternary
A screwdriver is apart of what type of factors of production?
Capital
Market
A doll company is forced to lower their prices from $15 to $5. What can you infer about the demand for the dolls?
What is the demand is low?
When is Exam 2.1?
What is TOMORROW?
A power plant belongs in which level of industry.
What is Secondary?
Man made goods used in the production process.
What is capital?
What level of industry uses natural resources to make products?
What is Secondary?
If a new toy is released, what happens to the price of the new toy?
What is the prices goes up?
It slows down or makes trade and transportation more difficult.
What is a barrier?
What level of industry provides to the secondary level?
What is primary?
All the physical and mental effort in the production process.
What is labor?
The total amount of good and services people want to buy for a set price.
What is demand?
When the supply is high and demand is low, the price is _______.
What is the price is low.
An autobiography is an example of what type of source?
What is primary?
Elon Musk is conducting research on safety features to improve the quality of the Tesla. In which level of industry is he operating?
What is Quaternary?
Wood, water, coal are all examples of what factor of production?
What is Land? (Natural Resources)
The amount of something available to be used.
What is supply?
Everyone wants the new iPhone available (iPhone 14). The demand for the old iPhone 13 goes down. What will happen to the price of the old iPhone?
What is the price decreases?
The process of finding the right combination of factors of productions.
What is Entrepreneurship?
This level of industry sells goods and services for a price.
What is Tertiary?
Elon Musk, Bill Gates, Walt Disney are all examples of which factor of production?
What is Entrepreneurship?
***Daily Double***
How living and nonliving things depend on each other.
What is Interdependence?
***Daily Double***
A scenario where different economic firms are in contention to obtain goods that are limited by various elements of the market mix: price, product, promotion, and place.
What is competition?
*** Daily Double ***
What level of industry includes CEO's, The President of the United States, and other decision makers.
What is Quinary?