Spring Economics Final Review

Front

Tools we use to make products

Back

capital resources

Front

A person who buys goods and services

Back

consumer

Front

What is a need?

Back

Something that is required for survival

Front

What is a want?

Back

Something you would like to have but don't need to live

Front

Factors of production are grouped into four categories: land, labor, capital, entrepreneurship

Back

land, labor, capital, entrepreneurship

Front

The condition of scarcity can be described as one that exists when our unlimited needs/wants exceed our limited resources.

Back

exists when our unlimited needs/wants exceed our limited resources

Front

The crops and animals on a farm are examples of which factor of production?

Back

Land

Front

The difference between scarcity and shortage is

Back

scarcity is a natural & re-occurring condition; shortage is a man-made condition

Front

A teacher gives extra credit if a student completes a test study guide... This is an example of ?

Back

Positive Incentives

Front

The limited availability of resources is known as...

Back

Scarcity