What are the 4 factors of production?

Land, Capital, Labor, and Entreprenuers

Something someone does for you that you buy or trade for.

How much of something there is.

Scarcity is when ___.

There isn't enough for everyone.

How much of something people want.

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

Specialization means ___.

Producing only one good or service.

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

Mr. Blair's Economic Vocabulary Flashcards | StudBud