Factors Of Production
What factor of production is Ms.Dunn in as a Teacher?
Labor
What is the conflict that occurs because wants are unlimited but resources are limited?
Scarcity
Traditional economies produce ______what they need to survive nothing extra.
Only
LDC and HDC stand for ?
Highly Developed Country-Less Developed Country
What Type of Industry would "HEB" be?
Retail
Name the Capital that Ms.Dunn handed out yesterday.
Reeses cups
What is a example of Supply & Demand that was used in the video
Ice cream or Coats or Swimsuit
In a Command Economy who controls everything?
Government
what does the suffix “-ocracy” mean?
Government
What Type of Industry would "Farming" be?
Agriculture
What happens if one or more factor of production is missing?
Scarcity
Because of scarcity, people must?
a.Make choices about what to produce and buy
b.Raise all prices
Make choices about what to produce and buy
What are the 4 Economic Systems?
Traditional Economy, Command Economy, Market Economy, Mixed Economy
What is the definition of Economic indicators ?
a statistic about economic activity
What Type of Industry is would "walmart" be under?
Retail
What are the 4 factors of production?
Capital, Entrepreneur, Natural Resources, and Labor
Why does Scarcity happen?
one or more of the factors of production are missing
Which economy is not in the world today?
Market Economy
a nation with a lower living standard, lower GDP, a lower life expectancy, higher infant mortality, and lower literacy would be ?
LDC
What limites a government's power?
Constitution
Which factor of production is missing for the list?
Oil,Entrepreneur, Worker
Capital
People in a town want more playgrounds, better roads, and new schools, but there isn’t enough money for all three. What must they do because of scarcity?
figure out how to use limited resources
The Kingdom of Snyder is a developing country in a very poor part of the world. The people have many ancient beliefs and customs that determine how their society functions.
What economy are they?
Traditional Economy
What is used to determine whether a country is developed or developing?
●GDP
●Literacy Rate
●Life Expectancy
●Infant Mortality
What are The Four Economic Industries
Agriculture, Manufacture, Service, or Retail