Specialization means ___.

Producing only one good or service.

What are the 4 factors of production?

Land, Capital, Labor, and Entreprenuers

The study of how goods & services are made, sold, and bought

How much of something people want.

Scarcity is when ___.

There isn't enough for everyone.

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Mr. Blair's Economic Vocabulary

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6th grade PoE vocabulary terms #6thgrade #principlesofeconomics #vocabulary

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Questions 14

Answers

1
___ means having too few resources to satisfy everyone?
Scarcity
Surplus
Capital
Demand
2
Supply is ___.
How much of something there is.
How much of something people want.
3
A service is ___.
Something you can touch that you buy or trade.
Something someone does for you that you buy or trade for.
Something that benefits everyone.
4
Which "Factor of Production" is Elon Musk?
Capital Resources
Entrepreneurship
Natural Resources
Human Resources
5
Specialization means ___.
Consuming all the goods and services you want.
Consuming only one good or service.
Producing only one good or service.
Producing all the goods and services you want.
6
___ or "gifts of nature" not created by humans and part of production.
Capital
Labor
Entrepreneurship
Natural Resources
7
What are the 4 factors of production?
Land, Capital, Labor, and Entreprenuers
Capital, Investment, Money, and Banks
Land, Capital, Buisnesses, and Governement
MSRP
8
What is economics?
Goods or services used to produce other goods and services.
Cutting flat areas into mountains for farming.
The study of how goods & services are made, sold, and bought
A focus on producing a specific product instead of many.
9
Demand is ___.
How much of something there is.
How much of something people want.
10
Tools, equipment, and factories used to produce goods and services are called production ___.
land
capital
labor
entrepreneurship
11
Scarcity is when ___.
There is more of something than is needed.
There isn't enough for everyone.
There is plenty for all.
There is enough for everyone.
12
___ means an individual who creates goods or services.
Consumer
Producer
Owner
Shopper
13
___ means that businesses concentrate on producing what they are good at.
Free Market
Specialization
Scarcity
Service
14
Which vocabulary word BEST matches the picture?
Production Cost
Surplus
Interdependence
Economic Resource

Mr. Blair's Economic Vocabulary Flashcards | StudBud