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Social studies Flashcards | StudBud

Explore/Social studies

Social studies

11 terms·StudBud Administration·14 plays

Due Tuesday

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Questions 11

Answers

1
Consumers
A person,company,of country that makes, grows, supplies goods for sale.
A person, company, or country, who purchases and or uses goods and services
It’s a choice
2
Natural resources
Labor
Capital
Land
3
Entrepreneurship
A person company or country that makes gross supplies goods for sale
To make a choice
Knowledge to put the other three factories together to make money
4
Competition
Rivalry for limited resources. Rivalry among producers for consumers
Fighting for money
Rivalry among people
5
Human work
Capital
Land
Labor
6
Economics
branch of knowledge concerned with productionconsumption,transfer of wealth
Money tax’s bills
Human work
7
Opportunity cost
Machines equipment factory and money
Natural resources
To make a choice
8
Machine equipment factories and money
Labor
Land
Capital
9
Factors of production
Supply and demand
Land labor capital entrepreneurship
Producers consumers competition
10
Producers
A person, company, or country, who purchases and or uses goods and services
Very little
A person,company,of country that makes, grows, supplies goods for sale.
11
Scarcity
Unlimited wants and needs
Very little
How much a good or service is available
The lower the price the more consumers will demand