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Back to Basics
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Factors of Production
Economy
What Does it Cost?
100
Air is something we ____. Candy is something we ____.
What is "need", "want".
100
an abundance of valuable possessions or money
What is "wealth"
100
Expenditure of physical or mental effort especially when difficult or compulsory.
What is "Labor"
100
The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.
What is "competition"
100
When a resource is in short supply
What is "scarcity"
200
the degree of wealth and material comfort available to a person or community
What is the "Standard of Living"
200
A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas.
What is "specialization"
200
Comprises all naturally occurring resources whose supply is inherently fixed. Examples are any and all particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum.
What is "Land"
200
An increase in the amount of goods and services produced per head of the population over a period of time.
What is "Economic Growth"
200
The loss of potential gain from other alternatives when one alternative is chosen.
What is "opportunity cost"
300
The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
What is the "economy".
300
The intent to achieve monetary gain in a transaction or material endeavor
What is a "Profit Motive"
300
Refers to financial wealth, especially that used to start or maintain a business.
What is "Capital"
300
A market where a business can go and purchase resources to produce goods and services.
What is the "resource market"
300
A balance achieved between two desirable but incompatible features; a compromise.
What is "trade off"
400
a consumer will pay for a ____ or a ______.
What is a "good" or a "service"
400
The apparent contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market.
What is the "paradox of value"
400
An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.
What is an "entrepreneur"
400
The marketplace in which a final good or service is bought and sold.
What is the "Product Market"
400
The act of buyers and sellers freely and willingly engaging in market transactions
What is "Voluntary exchange"
500
the state of being useful, profitable, or beneficial.
What is "utility"
500
Any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, i.e. retail, corporate, investment banking, etc.
What is "Financial Capitol"
500
An economic measure of output per unit of input.
What is "productivity"
500
An economic system in which private business operates in competition and largely free of state control.
What is "free enterprise"
500
The situation in an economy where the desires and needs of consumers control the output of producers.
What is "consumer sovereignty"