Basics of Economics

When a business uses people to do work for them, that is considered...

What is a SERVICE?

A natural resource....

When people think about the positives and negatives of something they are buying, they are thinking about...

The country of Gu's economy is centered around trade and family values. What economy is this?

Which is NOT a factor of production?

A GOOD is...

Which of the following is a natural resource?

When companies and people make certain goods to sell, this is called...

A government allows companies to be run by people and the government does not interfere. This economy is...

Which of the following is a WANT?

Sarah stayed up late to study for her test. The next day during her test, she was tired. What is her opportunity cost?

Which of the following is considered a SERVICE?

An entrepreneur is someone who tries to start their own business

What is ECONOMICS?

Look at the GREEN graph on the whiteboard. What does it show?

Look at the graph in BLUE on the whiteboard. What does it show?

We only have so much of natural resources (like coal). The idea that we might run out of resources is called...

A government that allows people to run business but makes laws that businesses must follow is called a mixed economy

A WANT is something that a person wants but does not need it to survive

Ed can work for 20 hours a week. If Ed works 20 hours each week, what is his opportunity cost?

Which of the following is considered a NEED?

Ian can eat either a bacon hot dog or a bowl of fruit for $5 each. What is his opportunity cost if he eats the hot dog?

When the government controls all aspects of an economy, this is...

When thinking of production, the word capital refers to....