Economics
The economic problem of having limited resources with unlimited needs and wants
Scarcity
What is a business that is owned and operated by one person called?
Sole trader/proprietorship
The place where goods, services and resources are exchanged between buyers and sellers
Market
Things that people would like to have but can live without
Wants
What natural disaster is measured by the Richter scale?
Earth quake
Actions done for others in exchange for payment
Service
The alternative choice/s that you give up in favor of the choice you made
Opportunity Cost
What type of resource is a building?
Capital
The direct trading of goods and services between people without the use of money
Barter
Who is the first (and, so far, only) Disney princess with a tattoo?
Pocahontas
Any activity conducted by an individual or individuals to produce and sell goods and services to make a profit
Business
A social science that analyses the decisions made by individuals, businesses and governments about how limited resources are used to satisfy society’s unlimited needs and wants
Economics
The effort people contribute to the production of goods and services
Labour
People or businesses that make and manufacture raw materials into goods and services
Producers
Which fruit floats because 25% of its volume is air?
Apple
The natural resources used to produce goods or services are known as ...
Raw materials
This term refers to the number of goods and services that are available and how many people want those goods and services
Supply and demand
Goods brought into a country to be sold
Imports
Name the types of economic resources
Land, labour, capital, entreprise
What is the name of Harry Potter's pet owl?
Hedwig
Online markets such as eBay/Shein/Amazon/etc. are known as .... markets.
Virtual
What are the three basic economic questions each country must ask when developing the economic plan?
What to produce?
How to produce?
For whom to produce?
The process in which businesses begin to operate internationally
Globalisation
When a farmer decides to have a dairy farm with 800 cows rather than growing wheat crops, it is known as ...
Specialisation
A community of ants are called this.
A colony