Show:
Factors of Production
Economies
Business
Making Money
Workers
100
Natural resources such as minerals or animals.
What is Land
100
The government owns the factors of production
What is command
100
someone who starts a business
What is entrepreneur
100
total income earned by a business minus the cost of resources
What is profit
100
refusing to buy a product
What is boycott
200
Time & energy is this factor of production
What is Labor
200
Hunters using the same methods throughout history
What is Traditional
200
raises large amounts of money by selling stock
What is a corporation
200
using your money to help a business get started
What is invest
200
refusing to work until an employer meets certain demands
What is strike
300
Tools and machines
What is Capital
300
Private individuals own the factors of production
What is market economy
300
business owned by 2 or more people
What is a partnership?
300
the price at which buyers and sellers agree to trade
What is market price
300
organization of workers formed to protect worker's rights
What is union
400
payment for the use of capital
What is profit
400
Cuba has this type of economy
What is command
400
business owned by only one person
What is a sole proprietorship
400
According to the law of demand, when price goes up, demand does this
What is goes down
400
benefit that you give up because resources are scarce
What is opportunity cost
500
when resources are limited compared to the wants people have
What is scarcity
500
Economies must answer these 3 economic questions
What is 1. what and how much? 2. how to produce & 3. who gets what?
500
the type of business with the most risk for its owner
What is a sole proprietorship
500
Producing more of a product because the price is high is an example of this law
What is law of supply
500
a process by which employers and employees come to agreement about wages and working conditions
What is collective bargaining