Unit 1: Factors of Production

20 termsStudBud Administration219 plays

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Questions 20

Answers

1
Due to good climate, the wheat harvest has been especially good this year. Wheat prices will ______.
increase
decrease
2
Supply and demand are found in a ______ economic system.
communist
free enterprise
socialist
3
Entrepreneurs
Items found in nature like oil, water, and iron.
the resources people use to produce goods and services
Man Made items like tools, factories, and machines.
Person responsible for combining goods/labor/ resources to produce a good
4
Natural Resources
Man Made items like tools, factories, and machines.
Person responsible for combining goods/labor/ resources to produce a good
Items found in nature like oil, water, and iron.
the resources people use to produce goods and services
5
If there are limited workers in the labor force, producers will have to pay LESS to produce and consumers will pay LESS.
True
False
6
Examples: CEO, company owners
Natural Resources
Labor
Entrepreneurs
Capital Goods
7
A freeze destroys the orange crops in Florida. Prices for oranges in Texas will ______.
increase
decrease
8
Capital Goods
Items found in nature like oil, water, and iron.
Any form of human work.
the resources people use to produce goods and services
Man Made items like tools, factories, and machines.
9
If supply increases, demand ______.
increases
decreases
10
If there are limited resources, the producers will not have many choices of what to produce.
True
False
11
A new Samsung phone comes out but stores still have lots of the old version. The price of the old phone will ______.
increase
decrease
12
If supply decreases, demand ______.
increases
decreases
13
How much people want a product
demand
supply
14
Labor
Any form of human work.
Man Made items like tools, factories, and machines.
the resources people use to produce goods and services
Items found in nature like oil, water, and iron.
15
Nike announces limited edition shoes that will be released. Prices for these shoes will ______.
increase
decrease
16
Examples: Engineer, Factory Workers, Custodian, supervisor
Entrepreneurs
Capital Goods
Labor
Natural Resources
17
Factors of Production
Items found in nature like oil, water, and iron.
Man Made items like tools, factories, and machines.
the resources people use to produce goods and services
Person responsible for combining goods/labor/ resources to produce a good
18
How much of a good is made or available
supply
demand
19
Examples: Tools, industrial robots, factories, machines, mirrors, steel
Labor
Entrepreneurs
Natural Resources
Capital Goods
20
Examples: water, land, oil, iron
Labor
Entrepreneurs
Capital Goods
Natural Resources

Unit 1: Factors of Production Flashcards | StudBud

Unit 1: Factors of Production

20 termsStudBud Administration219 plays

Imported from external platform

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Due to good climate, the wheat harvest has been especially good this year. Wheat prices will ______.
increase
decrease
2
Supply and demand are found in a ______ economic system.
communist
free enterprise
socialist
3
Entrepreneurs
Items found in nature like oil, water, and iron.
the resources people use to produce goods and services
Man Made items like tools, factories, and machines.
Person responsible for combining goods/labor/ resources to produce a good
4
Natural Resources
Man Made items like tools, factories, and machines.
Person responsible for combining goods/labor/ resources to produce a good
Items found in nature like oil, water, and iron.
the resources people use to produce goods and services
5
If there are limited workers in the labor force, producers will have to pay LESS to produce and consumers will pay LESS.
True
False
6
Examples: CEO, company owners
Natural Resources
Labor
Entrepreneurs
Capital Goods
7
A freeze destroys the orange crops in Florida. Prices for oranges in Texas will ______.
increase
decrease
8
Capital Goods
Items found in nature like oil, water, and iron.
Any form of human work.
the resources people use to produce goods and services
Man Made items like tools, factories, and machines.
9
If supply increases, demand ______.
increases
decreases
10
If there are limited resources, the producers will not have many choices of what to produce.
True
False
11
A new Samsung phone comes out but stores still have lots of the old version. The price of the old phone will ______.
increase
decrease
12
If supply decreases, demand ______.
increases
decreases
13
How much people want a product
demand
supply
14
Labor
Any form of human work.
Man Made items like tools, factories, and machines.
the resources people use to produce goods and services
Items found in nature like oil, water, and iron.
15
Nike announces limited edition shoes that will be released. Prices for these shoes will ______.
increase
decrease
16
Examples: Engineer, Factory Workers, Custodian, supervisor
Entrepreneurs
Capital Goods
Labor
Natural Resources
17
Factors of Production
Items found in nature like oil, water, and iron.
Man Made items like tools, factories, and machines.
the resources people use to produce goods and services
Person responsible for combining goods/labor/ resources to produce a good
18
How much of a good is made or available
supply
demand
19
Examples: Tools, industrial robots, factories, machines, mirrors, steel
Labor
Entrepreneurs
Natural Resources
Capital Goods
20
Examples: water, land, oil, iron
Labor
Entrepreneurs
Capital Goods
Natural Resources