Show:
Resources
Production
Consumption
Benefits / Costs
Pop Quiz!
100
These kinds of resources come from nature.
What are natural resources?
100
items that people buy to use
What are goods?
100
The process of buying and using goods and services.
What is consumption?
100
the cost of a resource used to run a business
What is an expense?
100
The coins and paper currency of a country.
What is money?
200
people that make goods and/or produce services
What are human resources.
200
jobs that people do for others
What are services?
200
Things we would like to have or desires we would like to fulfill
What are wants?
200
tax on the money someone gets for work
What is an income tax?
200
A good bought and brought in from another country.
What is an import?
300
resources taken from the environment that cannot be replaced. Coal, iron, and oil are examples.
What are natural resources?
300
The process or technique of making things in large quantities - especially with large machinery.
What is mass production?
300
The willingness AND ability of people to buy goods and services.
What is demand?
300
money that is gone after expenses are higher than income
What is loss?
300
an organization that combines resources to produce goods and services
What is a business?
400
manufactured items used to make goods and services - they are the materials, tools, machines, and buildings used in production
What are capital resources?
400
A method of production where specific jobs and people are strung together to produce an item
What is an assembly line?
400
items that benefit large numbers of people collectively - they would not be available to everyone if each person had to provide them
What are public goods?
400
The amount of money left after all the costs of running a business have been paid.
What is profit?
400
businesses that choose to acquire large amounts of capital will choose this form of organization
What is a corporation?
500
The reality that there are a limited number, or not enough resources to satisfy everyones wants.
What is scarcity.
500
The production of one unique good or service.
What is specialization?
500
a plastic card that allows people to make a purchase now and pay later
What is a credit card?
500
the next best choice that is given up after a production decision is made
What is opportunity cost?
500
The amount someone must pay for using someone's money.
What is interest?