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Basics of Economics 1.1 Flashcards | StudBud

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Basics of Economics 1.1

10 terms·StudBud Administration·42 plays

Economic Review 3rd grade

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Questions 10

Answers

1
A natural resource is...
Resources found in people
found in the environment and used for our wants/ needs.
found in factories to satisfy our wants and needs
Goods that are used to make other goods/to provide services
2
Scarcity is the reality that our unlimited wants and needs must adjust to:
the shortage of goods and services a company produces.
the fact that all resources are scarce.
3
A capital resource is...
The things nature provides for our wants/ needs
Goods used to make other goods or to provide services
Things we use to satisfy our wants and needs
Resources found in people
4
Human capital is
knowledge and skills gained through education or training
Goods that are used to make other goods/to provide services
The things nature provides that we use for our wants/needs
Things we use to satisfy our wants and needs
5
Which is NOT a factor of production?
Capital
Consumer
Labor
Land
6
Labor is a factor for production because in order for something to be produced,
machines will have to make more.
humans must work to create it.
7
The factor of production Land is anything that is found:
in the ocean.
in outer space.
in the natural environment
up a creek.
8
What is economics?
Money, goods, services, supply, and demand
People depend on each other
The way a country manages its money and resources.
things we use to satisfy our wants and needs
9
Which is NOT an example of Land (factor of production)?
farm land
a factory
a river
iron ore
10
What is an example of physical capital?
Income and injuries
The name of a company
Tools and equipment
workers in a factory