General knowledge
The study of how people make things, save money, and spend money
What is economics?
The person who purchases and uses goods and services.
What is a consumer?
Resources found in nature that are needed to make a product
What are natural resources?
Coal and oil are examples of what resource
What is Natural resources?
The money you earn is called your __________
What is income?
Items that people must have in order to survive.
What are needs?
The person who makes goods and services available.
What is a producer?
The laborers needed to help make a product or help provide a service.
What is human resources?
Money, machines tools vehicles
What is capital resources?
What was it called when you created questions to ask your classmates to help you determine the product that you would create
What is a survey (market analysis)
The objects which are bought by a consumer.
What are goods?
The amount of money a producer makes after all the costs are subtracted
What is profit?
Resources such as tools and equipment that must be bought to help produce goods.
What is capital resources?
doctors, teachers, farmers
What are human resources?
True or false: If you reduce your spending you will have more income to save.
True
Economic activities that satisfy consumers' wants or needs.
What are services?
The money owed if there is a loss for making a product or doing a service.
What is debt?
A synonym for human resources
What is labor?
Alina Morse had the idea of creating Zollipops
What is an entrepreneur?
The term used when there is not enough of something to go around.
What is scarcity?
Person who comes up with an original idea for a new item or service that will make money.
What is an entrepreneur?
A plan for saving and spending income.
What is a budget?
Name the four factors of production needed to produce goods or services.
What are human resources, capital resources, natural resources and entrepreneurs.
A group of people who decide to buy a restaurant franchise?
What are entrepreneurs?
The good or service that you give up when you make an economic choice is called
What is opportunity cost?