Show:
Factors of Production
Study of Economics
Goods/Service/Needs/Wants
Opportunity Cost
Economic Problem
100
The effort that people devote to a task for which they are paid
What is Labor
100

The study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

What is economics?

100

Something you are not able to do without in order to survive.

What is a need?

100

Because resources are scarce, people face ______________.

What is trade-off?

100

A problem every economy is faced with.

What is the main economic problem?

200
Natural resources that are used to make goods and services
What is Land
200

The study of individual markets within an economy

What is micro-economics?

200

A desire for something that you dont need.

What is a want?

200

The value of the next best alternative that you have forgone (given up).

What is an opportunity cost?

200

UAE only produces oil and this looks at one of the questions of the economic problem.

What to produce?

300
Ambitious leader who combines land, labor, and captial to create & market new goods or services
What is Entrepreneur
300

The study of the economy as a whole.

What is macro-economics?

300

lamborghini, cartier watch

What are examples of wants?

300

Amr has to complete a horse race this weekend but he also has to visit a sick friend during visiting hours at the hospital which coincides with the horse race. He has to ____________.

What is choice?

300

The UAE uses a large amount of capital and labor to drill oil.

How to produce?
400
All human made goods that are used to produce other goods & services; tools & buildings
What is physical capital
400
When you have limited resources and unlimited wants

What is scarcity?

400

Tangible items we can see and touch

What is a good?

400

An area known for having a large lumber industry would be located in an area with type of landform

What is massive forests

400

Much of the oil produced in the UAE is exported to other countries.

For whom to produce?

500
The skills & knowledge gained by a worker through education & experience
What is human capital
500

The result of scarcity leads to make _____________

What is choice?

500

Something that we can get other people to do for us?

What is a service?

500
This type of person creates a business to make a profit
What is entrepreneur
500

The fact some countries use more labor than capital to produce.

How to produce?