Vocabulary
Not enough of a certain resource to satisfy people's needs and wants
What is Scarcity?
The four things needed to produce goods and services: natural resources, labor, capital, and entrepreneurs
What are the Factors of Production?
Whatever is given up when a choice must be made, a trade-off
What is Opportunity Cost?
Eating a hamburger from Wendy's fulfills this economic need
What is food?
The three types of economic systems
What are Capitalism, Socialism, and Communism?
The use of science to create new and better goods and services or more efficient methods of production.
What is Technology?
Workers
What is Labor?
The use of resources to produce only a single good or a few kinds of goods and services.
What is Specialization?
Renting an apartment fulfills this economic need
What is shelter?
A computer, robotic machines in a car factory, and Microsoft Word are examples of this
What is Technology?
The study of how people, businesses, and governments choose to use their limited resources
What is Economics?
Something provided by nature, such as wood, oil, and coal, that can be used to produce goods and services.
What is a Natural Resource?
Name two types of economic products
What are goods and services?
Shirts, pants, and shoes fulfill this need
What are clothes?
Required until the age of 16, this institution can improve your productivity at your job
What is Education?
Things that can be seen, touched, bought, and sold.
What are goods?
The amount of goods and services produced by a worker or business in a given time period.
What is Productivity?
You receive $ 100 for your birthday. Your three choices to spend your money are in order of priority, as follows: 1st choice: Clothes, 2nd choice: Dinner at a fancy restaurant, 3rd choice: Athletic shoes. Identify the Opportunity Cost
What is dinner at a fancy restaurant?
A plumber fixing your toilet is providing this type of work
What is a service?
Sunlight is considered a factor of production
What is a Natural Resource?
An activity performed for others for money, such as teaching or selling?
What is a service?
Human-made items, including machines and tools, are utilized to produce goods and services.
What is Capital?
Of the four factors of production, the first needed by a businesses
Who are Entrepreneurs?
A factory producing only pencils is an example of this
What is Specialization?
A professional baseball player is a factor of production
What is Labor?