Vocabulary
Supply & Demand
Factors of Production
Economics
Goods & Services
100
People who make the goods or supply the services that are for sale, like a farmer, a shoe store, or a cable company.
Producer
100
If the demand for a product increases, it usually causes the price to...
Increase
100
Person who takes a risk and starts a business in hopes to earn a profit.
Entrepreneur
100
If the cost of making a product goes up, what will happen to the price?
Rise
100
Help or work provided by others: the intangible actions people perform.
Services
200
Objects owned by a business in order to make a profit: money, tools, factory
Capital
200
Shortage: limited supply: not enough of something
Scarcity
200
What factor of production?
Land
200
How are prices set in the market?
Supply and Demand
200
Tangible, or touchable items that can be bought or sold
Goods
300
A product that is sold to people outside of the country in which the product was made.
Export
300
An excess, more supply or services than are needed; too much
Excess
300
What factor of production?
Labor
300
What factor of production?
lumber, metal, water
Land
300
Which of these is an example of a good?
A.) Getting a haircut
B.) Getting help from a doctor
C.) Taking a bus ride
D.) Buying a loaf of bread
D.) Buying a loaf of bread
400
All businesses related to the same type of good or service?
Industry
400
What does this pictures represent?
Market Equilibrium
400
Which of the following is an example of "land" as a factor of production?
A.) A factory building
B.) A farmer growing crops in soil
C.) A delivery truck
D.) A computer programmer
B.) A farmer growing crops in soil
400
In which of these situations will price of oil go up?
A.) Some companies reduce the amount of oil exported.
B.) More countries invest in regional oil production.
C.) New technology makes drilling for oil easier.
D.) New oil reserves are discovered in Russia.
A.) Some companies reduce the amount of oil exported.
400
If you pay someone to mow your lawn, what are you paying for?
A.) A good
B.) A service
C.) A product
D.) A good and a service
B.) A service
500
The way goods and services are produced and distributed in a place. How things are made, sold and how you can buy it.
Economy
500
There is only one doughnut shop in town. Then two more, NEW doughnut shops open next to the first. Demand for doughnuts does not change during this time.
What will happen to the price of doughnuts AND why?
The price will decrease because there is more supply/competition among businesses.
500
What are the four main factors of production?
1.) Land
2.) Labor
3.) Capital
4.) Entrepreneurship
500
What are the three basic/fundamental questions of economics?
1.) How to produce?
2.) What to produce?
3.) Who to produce for?
500
Which of the following is both a good and a service?
A.) A haircut
B.) A book from a store
C.) A meal in a restaurant
D.) A bus ticket
C.) A meal in a restaurant