Intro to Economics -6th TEKs

Things that are made or grown are...

Which are examples of capital resources?

The four Factors of Production are...

A consumer makes goods to sell to producers.

Demand is how much consumers want something.

Surplus is when the supply is greater than the demand.

Which are in the Service Industry?

Items that are scarce tend to have a ______ price.

Which of these businesses would be in the Tourism Industry?

What is a human resource?

The point where the supply meets demand is called

The study of production, distribution and consumption of goods and services is called...

What is an entreprenuer?

Which are examples of natural resources?

Businesses that cut down trees and mine for resources are in the manufacturing industry.

How much wealth and material comfort a person has described their...

Items with a surplus tend to have a ________ price.

When demand is greater than supply, this creates...

What is capital?

The main purpose of starting a business is to...

The amount of something available to consumers is the...

What is a producer?

Services are jobs you pay someone else to do.

Inventory is the product that a business has on hand to sell to customers.

We look at supply and demand to help us set fair prices.

If there is a shortage on a Factor of Production, this can lead to job loss.

How could a company get rid of surplus (extra) inventory?

Which word describes how goods are made and sold to meet needs?

In the Four Factors of Production, What is Labor?