Scarcity & the Factors of Production
This economic problem exists because people have unlimited wants but limited resources.
Scarcity
This fast-food chain introduced the Big Mac nationally in 1968.
McDonalds
Every economy must decide what goods and services will be produced; this is one of the three basic economic questions.
What to produce?
This young wizard is known for the lightning-bolt scar on his forehead and his skill as a Quidditch Seeker.
Harry Potter
In a free enterprise system, individuals have the right to own this type of property rather than having it controlled entirely by the government.
Private Property
Natural resources used to produce goods and services are known by this factor of production.
Land
“Just Do It” has been the famous slogan of this athletic company since the late 1980s.
Nike
This economic question asks which methods, workers, and resources will be used to make goods and services.
How to produce?
Since 2017, this British actor has portrayed Spider-Man in the Marvel Cinematic Universe.
Tom Holland
This profit-related incentive encourages entrepreneurs to start businesses and take risks.
Profit Motive
Human effort used in the production of goods and services is known by this factor of production.
Labor
In Mario Kart, racers can drop or throw this slippery item to send an opponent spinning.
Banana Peel
This economic question asks who will receive the goods and services that are produced.
For whom to produce?
Homer, Marge, Bart, Lisa, and Maggie make up the dysfunctional family at the center of this long-running animated television series.
The Simpsons
When several businesses compete for customers, this force can lead to lower prices and better products.
Competition
Tools, machinery, and buildings used to produce other goods and services are known by this factor of production.
Capital
This “Splash Brother” set the NBA single-game record with 14 made three-pointers in 2018.
Klay Thompson
In this type of economy, customs and traditions largely determine how the three economic questions are answered.
Traditional Economy
Known as the “Clown Prince of Crime,” this maniacally laughing villain is Batman’s most famous enemy.
The Joker
This benefit of free enterprise allows consumers to decide which goods and services they want to buy.
Consumer Choice
This factor of production organizes the other resources and takes the risk of starting a business.
Entrepreneurship
Its six-letter name can be typed entirely using the middle row of a standard QWERTY keyboard, making it the only U.S. state with that distinction.
Alaska
In this type of economy, the government makes most major decisions about production and distribution.
Command Economy
This All Eyez on Me rapper turned actor was gunned down in Las Vegas on September 7, 1996 and passed away six days later.
Tupac Shakur
This principle allows individuals and businesses to make most economic decisions with limited government interference.
Economic Freedom