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Mr.Oconnor Economics

This is for Mr.Oconnors economic class at DCC :)

QuestionAnswer
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