Definitions
What is production?
These are physical items, like clothes, toys, and food, that can be bought or sold.
What are goods?
This factor of production includes workers who provide the work to produce the goods and provide services
What is labor?
This industry grows crops or raises animals for food
What is agriculture?
A wheat farm belongs to this type of industry.
What is agriculture?
The process of USING the natural resources or goods and services is called what?
What is Consumption?
These are activities or jobs done for others, such as haircuts or car repairs.
What are services?
This refers to materials like water, minerals, and forests used to produce goods.
What are natural resources or land?
This industry sells goods directly to consumers, like in stores or online
What is retail?
A store selling the newest Jordans to customers belongs to this industry.
What is retail?
The MOVEMENT of goods and services using planes, cars, railroad, ships is called what.
What is distribution?
A teacher providing education is an example of this type of economic activity.
What is a service?
People who start businesses and take risks to make profits are called this.
Who are entrepreneurs?
This industry turns parts and materials into finished goods, such as furniture and cars
What is manufacturing?
A factory that produces smartphones belongs to this industry.
What is manufacturing?
The AMOUNT you have of a good is called what?
What is supply?
A person who is doing your nails for you is providing what for you
What is a service?
Equipment, money, or anything you need to run a business are known as this factor of production.
What is capital?
Hair salons, restaurants, and hotels are examples of this type of industry.
What are service industries?
A business offering dog grooming for you while you shop and run errands is part of this industry
What is the service industry?
Iron, minerals, coal and plants are examples of which FACTOR OF PRODUCTION?
What is land?
Shoes, clothes, school supplies, and phones are examples of what?
What are goods?
Some examples of this factor of production in a Target are: checkout counter, cash register, shelves, scanner, the building and hangers
What is capital?
Factories producing cars and airplanes belong to this type of industry.
What is the manufacturing industry?
A dairy farm is part of what industry?
What is agriculture?