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Vocabulary
Vocabulary
Productive Resources
Economics
Jeopardy Fun
100
The study of how people make, distribute and buy goods and services.
What is economics?
100
The money a company makes after expenses.
What is profit?
100
The shovel, the watering can and the hoe were all examples of this productive resource in the book, The Little Red Hen.
What are capital resources?
100
Any object a person needs to survive
What are needs?
100
This helps human resources be more efficient at what they do.
What is specialization?
200
Actions or activities one person performs for another person
What are services?
200
desire or wish for things
What is wants?
200
The sun, the water, and the soil in The little Red Hen are all examples of this.
What are natural resources?
200
To bring goods or services into a country from another country usually for selling
What is import?
200
A factory, a farmer, and a plant
What are producers?
300
A person who buys products, uses products, and/or eats food.
What is a consumer?
300
Something such as a mineral, waterpower source, forest, or kind of animal that is found in nature and is valuable to humans
What is natural resource?
300
This helps human resources be more efficient at what they do.
What is specialization?
400
The cost of running a business including capital resources, salaries and overhead.
What are expenses?
400
People, groups, or companies that make goods and services.
What are producers?
400
Teachers, doctors, barbers are examples of this.
What are human resources?
400
If demand is high the price of a product will most likely do this
What is increase?
400
In this type of economic system the government determines how much will be produced and what products will cost.
What is command economy?
500
Lacking in quantity or number
What is scarcity?
500
To send goods and services abroad especially for sale in another country
What is export?
500
Any man made resource used to make a good or a service.
What is a capital resource?
500
The goal of this economic system is to maintain the same traditions from one generation to another.
What is Traditional Economic System?
500
In this type of economic system ownership of resources and businesses is by individuals.
What is market economy?