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Factors of Production
Natural Resources
Human Resources
Limited Resources
Decisions About
Production
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When economic resources are actually used or produce goods and
services, what do they become?
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Factors of Production
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What does a society depend on to produce goods and services?
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What does a society depend on to produce goods and services?
Economic resources
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What is a resource which may be used or not used at all?
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What is a resource which may be used or not used at all?
Economic Resource
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What is an example of a capital resource?
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What is an example of a capital resource? A Delivery Van
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What are the four kinds of economic resources?
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What are the four kinds of economic resources?
Natural, human, capital, and entrepreneurial
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What are examples of natural resources?
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What are examples of natural resources?
Air, water, or earth
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What are natural resources which are often combined to artificially create
another produce?
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What are natural resources which are often combined to artificially
create another produce? Synthetic goods
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What is a resource that renews itself or through the efforts of people?
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What is a resource that renews itself or through the efforts of people? Renewable resource
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What is not possible without natural resources?
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What is not possible without natural resources? Production
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What are examples of nonrenewable resources?
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What are examples of nonrenewable resources?
Coal, oil, and minerals
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What term do we use to classify the people who contribute physical and
mental energy to the production process?
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What term do we use to classify the people who contribute physical and mental energy to the production process?Human Resources
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What is another term for Human Resources?
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What is another term for Human Resources? Labor
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What do individual workers use to provide services or change natural resources into goods?
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What do individual workers use to provide services or change natural resources into goods? Skills
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What does a skilled employee help with in the business?
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What does a skilled employee help with in the business? Efficient Production
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Which department helps develop new and products and helps determine efficient methods of production?
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Which department helps develop new and products and helps determine efficient methods of production?Research and Development
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What resource problem is a Global Problem?
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What resource problem is a Global Problem? Limited supply
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What is the lack of something that can be used to satisfy the wants of a group of people?
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What is the lack of something that can be used to satisfy the wants of a group of people? Scarcity
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What is the lack of a basic necessity?
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What is the lack of a basic necessity? Poverty
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What could happen as the population increases?
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What could happen as the population increases? Scarcity of natural resources
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What term do we call land that has been turned into desert land as a
result of misuse?
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What term do we call land that has been turned into desert land as a result of misuse? Desertification
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What must each country do to meet the needs of its people?
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What must each country do to meet the needs of its people? Decide how to use its natural
resources
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What is an example of a resource which can be used for only one purpose?
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What is an example of a resource which can be used for only one purpose? A piece of land used to grow wheat
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In a ____________, economic decisions are made in the marketplace according to the laws of supply and demand.
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In a market economy, economic decisions are made in the marketplace according to the laws of supply and demand.
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When the quantity demanded and the quantity supplied meet, this is called the ____________.
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When the quantity demanded and the quantity supplied meet, this is called the equilibrium price.
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A planned or managed economy is called a(n) ________________.
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A planned or managed economy is called a command economy.
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