Economics!

Columbian coffee and Dutch tulips, when purchased in the U.S. are examples of:

Goods sold to other countries

Which of the following items is NOT a good?

The work people do to make goods or services

Which of these is a factor of production?

Supply is:

Goods not created for their own use, but to make other goods/services

A country that does not depend on any other country for goods/services

Goods we buy from foreign countries

A garbage truck driver is an example of which factor of production?

Nation A produces cars better than it grows food.  So Nation A just produces cars. This is:

Which of these is a factor of production?

Goods sold to other countries by the U. S. are known as:

Which of these is a factor of production?

Ability to produce a good at a lower opportunity cost than another nation

People who buy goods and services to satisfy their needs and wants

Deals with the production, distribution, and consumption of goods/services & their management

Person(s) who organize the factors of production to produce goods/services; business owners 

The buying and selling of goods among nations

The people who run businesses that are too large for single individuals to operate

Which statement best illustrates the concept of demand?

Opportunity one gives up to do other things

Concentrating on what one country does best 

The natural resources used to produce goods

Ability to produce more of a good/service than competitors, using the same amount of resources

As the price of a product gets higher, the supply gets _____________.

People in each country depend on goods/services produced in other countries. This is known as:

Which of these is a factor of production?

China produces toys cheaper and at a lower opportunity cost.  This is an example of:

Iron, minerals, coal and plants are examples of which productive resource?

Each nation depends on other nations for goods and services

Things that people do for others

Goods brought for sale into the U. S. from other countries are known as:

Country X can produce a product at cheaper than Country Y.  This means that Country X:

An example of an entrepreneur is:

The term “factors of production” means:

As the price of a product gets lower, the demand gets _____________.

An accountant’s computer and a carpenter’s drill are all examples of which factor of production