This is for Mr.Oconnors economic class at DCC :)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economics | The Study of Scarcity
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| What are the 6 Basic needs of society? | -Food -Water -Clothing -Health Care -Shelter -Education
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| What are the Factors of Production? | -Land -Labor -Capital -Technology -Entrepreneurship
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| What are the 3 basic questions of Entrepreneurship? | What to make? How to make it? Who to make it for?
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| Oppurtunity Cost | Cost of alternatives bypassed
-CHOICES
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| Production | Creation of utility (Creation of usefulness)
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| Form Utility | changing form of raw materials into finished goods (Bakers, Carpenters)
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| Place Utility | getting things from where they are priduced to where they are needed (UPS)
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| Time Utility | making things available when people want/need them
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| Service Utility | Biggest utility, where service is offered (banking, insurance, doctor, lawyer, nurse, auto repair shop)
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| 4 Characteristics of Wealth | -Scarce -Useful -Tangible -Transferable
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| 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
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| Factors of Production | resources of land,labor,capital,and entrepreneurship used to produce goods and services
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| entrepreneurship | ability of risk-taking individuals to develop new products and start new business in order to make products
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| technology | advance in knowledge leading to new and improved goods and services and better ways of producing them
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
hiimhaleyy
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