Factors of Production
The 4 factors of production.
What is land, labor, capital, entrepreneurship.
The cost of the product.
What is price?
Something that is required because it is essential or very important.
What is a need?
The types of economies.
What is market, mixed, command, and traditional.
Sand is a resource that is used to make glass and comes from our earth.
What is land?
The way people will know about the product.
What is promotion?
Something that you have a desire to possess or something that you wish for.
What is wants?
An economic system where tradition and custom govern economic decisions.
What is traditional economy?
Steve jobs is someone who created the iPhone.
What is entrepreneurship?
Where a product will be located in store, the type of stores it is sold in, where the product will be sold.
What is place?
The work that the McDonald's fast food worker is doing.
What is services?
The government or other central authority makes all economic decisions.
What is command economy?
The jobs that people have.
What is labor?
The action or business of promoting and selling products or services, including market research and advertising.
What is marketing?
Physical items for sale at a business (tangible).
What is goods?
Combines elements of pure market and command economies; Government and individuals share the economic decision making process.
What is mixed economy?
The machinery that is used to help produce products.
What is capital?
The 4 P's of marketing.
What is price, product, place, promotion.
The action of doing work for someone (intangible).
What is services?
Economic decisions are made by individuals competing to earn profits based on supply and demand.
What is market economy?