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Factors of Production
Economies
Supply and Demand
Market Economy
Teacher Picks
100
What are the four factors of production?
Land, Labor, Capital and Entrepreneurship
100
What type of economy is built on traditions and rituals?
Traditional Economy
100
As price does up what happens to the quantity demanded?
Quantity Demanded Goes Down
100
The process of creating something new
What is innovation?
100
Natural gas, lumber are examples of this
What is non-human resources?
200
Infrastructure is considered what factor of production?
Capital
200
What are the three basic questions an economy answers?
Which goods and services should be produced? How should the goods and serviced be produced? For whom should the goods and services be produced? NEED TO KNOW FOR TEST
200
Amount of a product or service producers are willing to provide
What is supply
200
Who benefits from competition?
Consumers
200
The difference between wants and needs and available resources
What is scarcity?
300
Provide 3 examples of Land?
Answers will vary: anything contained in the earth or found in the seas.
300
In a market economy who answers the for whom question?
People who have money and are able to purchase the goods and services.
300
Individuals or businesses that provide goods and services to meet demand.
Producers
300
In this economy consumer needs and wants determine to a large extend what goods and services will be produced.
What is a Market Economy
300
Items not essential to life but make the quality of life better.
What is a want?
400
What refers to all the people who work?
Labor
400
What type of economy has lets the market answer the three basic questions?
Market Economy
400
Quantity consumers are willing to buy
What is demand?
400
The desire to make a profit.
What is the profit motive?
400
Evaluating options and giving up one option to get something better later.
What is trade off?
500
Who is the entrepreneur that began Virgin Galactic
Richard Branson
500
In a mixed economy we have some government regulation. The FCC is an example of government regulation. What does the acronym stand for and what does this agency do?
Federal Communications Commission government agency responsible for regulating the radio, television and phone industries. The FCC regulates all interstate communications, such as wire, satellite and cable, and international communications originating or terminating in the United States.
500
When supply and demand are relatively balanced.
What is equilibrium
500
Private ownership, profit, free choices, competition
What are the 4 qualities of a market economy.
500
The value of the best option given up.
Opportunity Cost