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Factors of Production

Natural Resources

Human Resources

Limited Resources

Decisions About

Production

2

When economic resources are actually used or produce goods and

services, what do they become?

3

Factors of Production

4

What does a society depend on to produce goods and services?

5

What does a society depend on to produce goods and services?

Economic resources

6

What is a resource which may be used or not used at all?

7

What is a resource which may be used or not used at all?

Economic Resource

8

What is an example of a capital resource?

9

What is an example of a capital resource? A Delivery Van

10

What are the four kinds of economic resources?

11

What are the four kinds of economic resources?

Natural, human, capital, and entrepreneurial

12

What are examples of natural resources?

13

What are examples of natural resources?

Air, water, or earth

14

What are natural resources which are often combined to artificially create

another produce?

15

What are natural resources which are often combined to artificially

create another produce? Synthetic goods

16

What is a resource that renews itself or through the efforts of people?

17

What is a resource that renews itself or through the efforts of people? Renewable resource

18

What is not possible without natural resources?

19

What is not possible without natural resources? Production

20

What are examples of nonrenewable resources?

21

What are examples of nonrenewable resources?

Coal, oil, and minerals

22

What term do we use to classify the people who contribute physical and

mental energy to the production process?

23

What term do we use to classify the people who contribute physical and mental energy to the production process?Human Resources

24

What is another term for Human Resources?

25

What is another term for Human Resources? Labor

26

What do individual workers use to provide services or change natural resources into goods?

27

What do individual workers use to provide services or change natural resources into goods? Skills

28

What does a skilled employee help with in the business?

29

What does a skilled employee help with in the business? Efficient Production

30

Which department helps develop new and products and helps determine efficient methods of production?

31

Which department helps develop new and products and helps determine efficient methods of production?Research and Development

32

What resource problem is a Global Problem?

33

What resource problem is a Global Problem? Limited supply

34

What is the lack of something that can be used to satisfy the wants of a group of people?

35

What is the lack of something that can be used to satisfy the wants of a group of people? Scarcity

36

What is the lack of a basic necessity?

37

What is the lack of a basic necessity? Poverty

38

What could happen as the population increases?

39

What could happen as the population increases? Scarcity of natural resources

40

What term do we call land that has been turned into desert land as a

result of misuse?

41

What term do we call land that has been turned into desert land as a result of misuse? Desertification

42

What must each country do to meet the needs of its people?

43

What must each country do to meet the needs of its people? Decide how to use its natural

resources

44

What is an example of a resource which can be used for only one purpose?

45

What is an example of a resource which can be used for only one purpose? A piece of land used to grow wheat

46

In a ____________, economic decisions are made in the marketplace according to the laws of supply and demand.

47

In a market economy, economic decisions are made in the marketplace according to the laws of supply and demand.

48

When the quantity demanded and the quantity supplied meet, this is called the ____________.

49

When the quantity demanded and the quantity supplied meet, this is called the equilibrium price.

50

A planned or managed economy is called a(n) ________________.

51

A planned or managed economy is called a command economy.