Unit 1 Economics Review

Front

Factors of Production

Back

The 4 things needed to produce goods and/or services

Front

Labor

Back

Humans needed to do work

Front

Land

Back

Natural resources needed to produce

Front

Capital

Back

Machines and tools needed to produce

Front

Entrepreneurship: Money needed to pay for land, labor and capital

Back

Money needed to pay for land, labor and capital

Front

Human Resources is another term for which factor of production?

Back

Labor

Front

Scarcity

Back

Unlimited wants, limited resources

Front

Opportunity Costs

Back

The value of the next best option

Front

Which of the following is an example of Capital? hammer, money, person doing labor, cotton

Back

hammer

Front

Which of the following is an example of Land? beef, sewing machine, scissors, welder

Back

beef