Factors of Production
A deposit of coal is an example of this factor of production.
What is land?
This sector of the economy removes or harvests products directly from the earth in order to extract raw materials or food.
What is primary industry?
This vocabulary word includes sporting equipment, books, CDs and clothing- almost anything that you can touch.
What are goods?
With its fair market approach and government regulation, the U.S. has this type of economic system.
What is a mixed economy?
This vocabulary word is defined as actions that people perform for others, including things such as piano lessons, haircuts, and airplane trips -things you cannot actually touch or hold.
What are services?
Ray Kroc, the founder of McDonalds, is an example of this factor of production.
What is entrepreneurship?
This sector of the economy provides the goods and services to businesses and consumers.
What is a tertiary industry?
What vocabulary word is defined as having a limited availability of resources/not enough of something.
What is scarcity?
A situation that occurs when two or more businesses try to sell the same type of product to the same customers is referred to as .....
What is competition?
This vocabulary word is defined as the amount of an item that consumers are willing to buy at different prices.
What is demand?
This factor of production involves the workload and employees needed to provide a service or create a good.
What is labor?
This sector is also known as the service industry / sector.
What is the tertiary industry?
This vocabulary word is defined as a person who makes goods or products to sell (Example: T-Shirt maker)
What is a producer?
In this economic system each business can decide which products to produce or which services to provide. The business can also decide how the product will be produced. The consumer decides if they want to buy the product or service.
What is a Market Economy (Free Market or Free Enterprise)?
This vocabulary word is defined as a person who buys goods and services.
Who are consumers?
A TV Camera used to fight shoplifting is an example of this factor of production.
What is capital?
This sector of the economy takes raw materials from the primary sector and manufactures them into goods.
What is the secondary industry?
This person thinks of new ideas and taking a risk to start a new business. They are decision makers, and are interested in making a profit.
Who are entrepreneurs?
In a "Planned" / Command Economy who controls the factors of production?
Who is the government?
This vocabulary word is defined by the amount of goods and services produced in a country on a yearly basis.
What is gross domestic product (GDP)?
A risk taker is an example of this factor of production.
What is entrepreneurship?
People in this industry use their ability and education in working with advanced technologies.
What is the Quarternary industry?
True or False
Countries with a HIGHER GDP per capita usually have LOWER rates of people who can read and write. (Lower literacy)
What is false?
This economic system is the oldest and relies on trading, bartering, hunting, and subsistence farming.
What is a traditional economy?
This vocabulary is the percentage of people who know how to read and write in their own language.
What is the literacy rate?