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Factors of Production
Needs and Wants
3 Questions asked in economics / Markets
Goods and Services
Goods and services / Macro-Micro
100
What factor of production is trees from?
What is land?
100
Something a person cannot live without.
What is a need?
100
How much of the countries resources should go towards Education, Consumer Goods, etc.
What is What to Produce?
100
This happens because people's time and money are limited.
What is Scarcity?
100
Sacrificing 1 good for another.
What is Trade Offs?
200
Manufactured goods and resources used to produce other goods and services.
What is Capital?
200
Something a person would like to have but isn't needed for survival.
What is a want?
200
The best way to produce an item. What resources to use.
What is How to Produce it?
200
At the current price, people want to buy more than suppliers are willing to sell.
What is Shortage?
200
Study of the entire economy.
What is Macroeconomics?
300
People Payed to produce goods or services.
What is Labor?
300
Physical items, like food.
What is a good?
300
Who will drive a expensive car and who will ride the bus?
What is who are we producing these services for?
300
Get the most out of our current resources.
What is Efficiency?
300
Study of individual consumers and businesses.
What is Microeconomics?
400
What are the factors of production?
What is Land, Labor, Capital, Entrepreneurs?
400
Actions a person does for another.
What are services?
400
Markets where services of the factors of production are bought and sold.
What is a Factor Market.
400
Type of economic efficiency which producers only produce those types of goods and services that are in high demand.
What is Allocative Efficiency?
400
Value of the next alternative given up for the chosen alternative.
What is Opportunity Cost?
500
People who decide how to combine resources to create new good and services.
What is an Entrepreneur?
500
I wanted to buy and iPhone but I bought some fruit at the store
What is a Need?
500
Goods and services produced by businesses are sold to house holds.
What is a Product Market?
500
When the economy is utilizing all of its resources efficiently.
What is Productive Efficiency?
500
Maximum output of a combination of goods and services. From a set amount of resources and time.
What is Production Possibilities Curve?