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Factors of Production
Vocabulary
Supply & Demand
Economic Systems
Miscellaneous
100

Oil is this Factor of Production

Natural Resource
100

When a good is in short supply.

Scarcity

100

Supply & Demand are attached to each other. T or F. 

True

100
This type of economic system is based on trading, farming and is largely determined by how things have been done in the past with little change.

Traditional

100

Example of a good. 

Answers my vary (Shoes, Clothes, Computers, etc)

200

A mechanic is this Factor of Production.

Human Resource

200

A countries focus on one product or service.

Specialization
200

If the price of something is too high what will happen to the supply?

It will increase because people are not buying it. 

200

This type of economy is based on supply and demand.

Market Economy

200

Example of a service.

Answers will vary (Car wash, Nail Salon, Hair Salon, Window Cleaner, etc)

300

A saw is this Factor of Production.

Capital Resource

300
Two countries depend on each other to be successful.

Interdependence

300

If a good is really popular, what will happen to demand?

It will increase.

300

This type of economy is one where the government closely controls the economy.

Command
300

Fishing is what type of economic sector? (Primary, Secondary, Tertiary, or Quaternary)

Primary

400

Bill Gates is this Factor of Production.

Enterprise

400

When faced with an economic choice, this is the thing you give up.

Opportunity Cost

400

What happens to supply and demand when there is a really good sale?

The supply will go down and the demand will go up. 

400

This type of economy is a combination of economies.

Mixed Economy

400

Manufactured Goods is what type of economic sector? (Primary, Secondary, Tertiary, Quaternary)

Secondary

500

There are two types of Natural Resources.

Renewable and Non-Renewable

500

In 1913, a gallon of milk costs 36 cents per gallon. 100 years later, in 2013, a gallon of milk costs $3.53.

Inflation

500

What will happen to supply and demand if they raise the price of a product to make it really expensive?

The supply will increase and the demand will decrease. 

500

The Yanomamo are a South American Indian tribe living in spread out villages in the Amazon region of Brazil and Venezuela. The Yanomamo had no contact with outsiders until the middle of the twentieth century. The Yanomamo grow plantains and bananas for much of their food. They supplement this with hunting and gathering palm fruit. They meet their basic needs without outside contributions or trade. The fathers teach their sons how to hunt, the mothers teach their daughters to cook

Traditional Economy

500

Advertising is what type of economic sector? (Primary, Secondary, Tertiary, Quaternary)

Quaternary