Fundamental questions of economics
name all three questions
what to produce, how to produce it, and for whom to produce it
Give 2 examples of a market in the United States
Flea market, store, wall street
productive resources for a chik fil a chicken sandwich
bread chicken condiments, workers
Name the productive resources
natural resources, capital goods, and human resources
What occurs in a market when supply is greater than the demand
price increase
productive resources for a game system
metal plastic factory machines
What are the common means of distribution
planes trains trucks ships
Give an example of competition for businesses you see in your community
j
If demand increases what happens to the outputs and productive resources
They also increase
Give an example of each of the productive resources
j
explain what an input and an output are
productive resources and the goods and services
productive resources for a pencil
rubber, lead, wood, workers, factories