Types of Goods
A good that lasts more than three years when used on an everyday basis
Durable Good
The "gifts" of nature
Land
The economy is made up of ______________ and Producers
Consumer
Name 2 things that affect the quality of labor
birthrates, immigration, famine, diseases, war
What is a need?
Necessary for survival
A good that is used for a factory to produce
Capital Good
Capital Goods
There's no such thing as ____ __________ _____________
a free lunch
What are 2 of the questions faced by society
How to produce
What to produce
What is a want?
Something that is desired but not required for survival
Non Durable good
" risk takers " of the economy
entreprenuers
________________ are responsible for much of the change and progress in the economy
entrepreneurs
What are three consumer rights?
Right to safety
Right to be informed
Right to redress
Right to be heard
Right to choose
our needs and wants are expressed in economic products called
goods
Name three nondurable goods
(answers will vary)
people with all their skills and abilities
labor
Points on the PPF curve represent _____________ production.
Maximum
What two things are necessary for something to have value?
scarcity and utility
What is the difference between a good and a service
Goods are tangible services are not
Non Durable
Who created the assembly line (an entreprenuer)
Henry Ford
___________ ___________ is the value of the next best option given up.
opportunity cost.
List the four factors of production.
Land
Labor
Capital
Entrepreneur
Who was the economist who explained the paradox of value? (Hint he was a guy in a powdered wig and also wrote a book called the Wealth of Nations)
Adam Smith