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Mr.Oconnor Economics
This is for Mr.Oconnors economic class at DCC :)
| Question | Answer |
|---|---|
| Economics | The Study of Scarcity |
| What are the 6 Basic needs of society? | -Food -Water -Clothing -Health Care -Shelter -Education |
| What are the Factors of Production? | -Land -Labor -Capital -Technology -Entrepreneurship |
| What are the 3 basic questions of Entrepreneurship? | What to make? How to make it? Who to make it for? |
| Oppurtunity Cost | Cost of alternatives bypassed -CHOICES |
| Production | Creation of utility (Creation of usefulness) |
| Form Utility | changing form of raw materials into finished goods (Bakers, Carpenters) |
| Place Utility | getting things from where they are priduced to where they are needed (UPS) |
| Time Utility | making things available when people want/need them |
| Service Utility | Biggest utility, where service is offered (banking, insurance, doctor, lawyer, nurse, auto repair shop) |
| 4 Characteristics of Wealth | -Scarce -Useful -Tangible -Transferable |
| Scarcity | condition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all abailable resources at any given time |
| Factors of Production | resources of land,labor,capital,and entrepreneurship used to produce goods and services |
| entrepreneurship | ability of risk-taking individuals to develop new products and start new business in order to make products |
| technology | advance in knowledge leading to new and improved goods and services and better ways of producing them |
Created by:
hiimhaleyy