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CE U8: Economy VS

Vocabulary: Marketplace Decisions

QuestionAnswer
Factors of production that are used to make goods and services are resources
All resources and goods are limited
Because resources and goods are limited, we have to make choices
What we give up when we make a choice is opportunity cost
The inability to satisfy all wants at the same time is scarcity
How many types of resources are there? 4
This type of resource comes from the Earth natural resource
This type of resource is a person's labor/work human resource
This type of resource includes manmade tools capital resource
This type of resource includes business skills and traits; taking risks with new ideas entrepreneurship
Combining resources to make something is production
How do we determine what is produced? available resources and consumer preferences
using goods and services consumption
What determines if a good or service is purchased and consumed? consumer preferences and price
a person who buys/uses a good or service consumer
Created by: ElliottED
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