Unit 4 Bundle 1

Front

What is an economy?

Back

An system in which people produce, sell, and buy things

Front

What are the four groups of resources that are used to make all goods and services?

Back

Factors of Production

Front

Which of the following is not a Factor of Production? Labor, Land, Entrepreneurship, History

Back

History

Front

Which is a natural resource?

Back

Water

Front

What is an entrepreneur?

Back

a person who starts and runs a business

Front

Which of the following is an example of capital? Machines used in manufacturing, Natural resources used in production, Employee salaries, A factory building

Back

Machines used in manufacturing

Front

Which is an example of Labor?

Back

A construction worker building a house.

Front

What best describes Supply and Demand?

Back

the relationship between the availability of a product and the desire for that product.

Front

What is a Surplus?

Back

when there is too much of a supply or resource beyond what is needed.

Front

Which best describes Scarcity?

Back

limited resources compared to wants and needs