What is a renewable Resources?

Resource can be produced, grown, or replaced.

How much of a product is made available

money and all things are needed to produce good or service.

any unit of production or service that can be bought or sold

The people that perform the work to produce something.

When the choice of one good means less of another good.

a transaction in which no physical goods are transferred.

combination of gains and losses of any goods

condition in which wants are greater than resources

what is a complementary good?

goods that complement each other

What is a non- renewable resource?

Consumed quicker than can be produced, grown, or replaced.

increase in employment and/or income

What is land/ resources?

things found on Earth, occur naturally.

what is entrepreneurship?

The person that starts the business or improves it.

What are ex. of Factors of Production

Entrepreneurship, Labor, Land/Resources, capital

a person/ group who supplies and makes good and services

What is Opportunity Cost?

cost of doing 1 thing the value lost by not doing another., The cost of making any decision.

What does economics mean?

something you need to learn, how individuals make choices to satisfy needs and wants

The amount demanded for the product by the consumer

What is a change in demand?

demand increases will shift right; decrease will shift left, a change in demand is determined by consumers income

what is The Law of Demand?

consumers are to buy more of something when prices go down.

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Social Studies Economics

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Questions 26

Answers

1
What is a renewable Resources?
Something that you can nevvverrr have again
Resource that can not be produced, grown, or replaced.
Resource can be produced, grown, or replaced.
2
What is supply?
How much of a product is made available
how much you want
I don't know
The amount demanded for the product by the consumer
3
What is capital?
The people that perform the work to produce
entrepreneurship
money and all things are needed to produce good or service.
The person that starts the business or improves it.
4
What is a good?
condition in which wants are greater than resources
a transaction in which no physical goods are transferred
anything used in the production of a good or service
any unit of production or service that can be bought or sold
5
What is labor?
money and all things that are needed to produce a good
things found on Earth, occur naturally.
The people that perform the work to produce something.
6
What is a trade off?
when you don't sleep you get more rest
when you don't study, you get an A
The cost of making any decision.
When the choice of one good means less of another good.
7
What is a service?
a person/ group who supplies and makes good and services
condition in which wants are greater than resources
a transaction in which no physical goods are transferred.
you are a sevice
8
Unlimited Wants and Needs Are Greater than Limited Resources
truueeee
def false
9
What is a cost?
a price??
?????????????????
combination of gains and losses of any goods
increase in employment and/or income
10
Supply & Demand determines....
price of SUS
Price of my Gucci belt
price of a store
price of goods and services
11
What is a scarcity?
condition in which wants are greater than resources
a person who purchases goods or services for personal use
The cost of making any decision.
When the choice of one good means less of another good.
12
what is a complementary good?
people who are mean
goods that complement each other
good that don't help the economy
goods that detest other
13
What is a non- renewable resource?
Consumed slower than can be produced, grown, or replaced.
can be remade
consumed slowly and can be replaced
Consumed quicker than can be produced, grown, or replaced.
14
What is benefit?
combination of gains and losses of any goods
getting an A on a test
increase in employment and/or income
getting back the bungee chair
15
What is land/ resources?
The person that starts the business or improves it.
money and all things are needed to produce good or service.
things found on Earth, occur naturally.
people that perform the work to produce something
16
what is entrepreneurship?
money and all things that are needed to produce a good
things found on Earth, occur naturally. Labor
The people that perform work to produce something.
The person that starts the business or improves it.
17
what is a substitute good?
a worker
a complement
a person??????
a substitue for something else
18
What are consumers?
a business who sells something they made
someone who makes something
people who buy something
entrepreneurs
19
Are producers and consumers the same thing?
NO
I DONT KNOW
Yess
Why are you asking me this?????
20
What are ex. of Factors of Production
Entrepreneurship
Labor
Land/Resources
capital
21
What are producers?
a person who purchases goods or services for personal use
a person/ group who supplies and makes good and services
22
What is Opportunity Cost?
When the choice of one good means less of another good.
cost of doing 1 thing the value lost by not doing another.
When the choice of one good means less of another good.
The cost of making any decision.
23
What does economics mean?
yoouuuuu
condition in which wants are greater than resources
something you need to learn
how individuals make choices to satisfy needs and wants
24
What is demand?
The amount demanded for the product by the consumer
I thought you knew
How much of a product is made available
I don't know
25
What is a change in demand?
demand increases will shift right; decrease will shift left
....................................
a change in mood
a change in demand is determined by consumers income
26
what is The Law of Demand?
consumers are to buy more of something when prices go down.
nobody is going to buy your stuff
everyone loves everything
everyone doesn't buy anything

Social Studies Economics Flashcards | StudBud