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Year 5 Basic Economics Flashcards | StudBud
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Year 5 Basic Economics
Year 5 Basic Economics
15 terms
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StudBud Administration
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617 plays
A #economics Quiz to review the #basics mainly terms
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The knowledge and skills people use to produce a good or service
physical capital
labor
land
human capital
2
When you go to buy a car you are a
racing car driver
entrepeneur
Producer
Consumer
3
Goods =
are made in factories
physical items that can be seen and touched
make our life easier
everybody likes them
4
Producer =
anyone who provides goods or services
anyone who plays a musical instrument
anyone that works hard to earn money
anyone who uses goods and services
5
If you worked at a car factory you would be a
producer
consumer
a hungry animal
entrepreneur
6
Natural Resources
Labor
Entrepreneur
Capital
Land
7
The work that people do
land
entrepreneur
capital
labor
8
Services =
need to stay alive
products for sale
are producers and consumers
activities people do for others
9
People who start a business
capital
entrepreneur
labor
land
10
Wants =
not needed by anyone
not essential for our survival
keep us alive and safe
cost a lot of money
11
Capital =
things made by humans to provide goods and services
forests and oceans
farms and animals
big busy cities with factories
12
An example of a natural resource is
houses
books
oil
shops
13
The tools (tools, money, buildings) that people use to produce goods and services
land
human capital
physical capital
labor
14
Needs =
are necessary to make people happy
things that we can live without
things we would like to have
are necessary to stay alive and healthy
15
Resources are limited but wants are unlimited =
dangerous
expensive
scarcity
demand
