POB key terms

What is production?

• Human resources

• The economic process or activity of producing goods and services

• Resources provided by nature

What is scarcity?

• A condition resulting from the gap between unlimited wants for goods and services and limited resources

• Being afraid

• A city in the U.S

What is natural resources?

• TREE

• Producing goods

• Any resource found in nature that is used to produce goods and services

What is Entrepreneurship?

• minding your business

• Blueberry-Cardamom Pie

• using/combine Factors of Production resources to create a new product or services

What is human resources?

• People who work to produce goods and services.

• Using people as building materials

• Exotic Spice Cookies with Ginger, Cardamom and Rose Water

What is one factor of production?

• natural resources

• caesar salad

• scarcity

What are capital goods?

• Washington D.C

• Manufactured or constructed items that are used in the production of goods and services

• Italics

Why is production important?

• It allows consumers to recieve a certain good or service

• It creates monopolies

• It keeps companies in business

What is Planning?

• buying the resources needed

• issuing orders for production to begin

• determining how products will be produced and how much of the product to produce

What is Purchasing?

• buying the resources needed

• determining the time table to follow in production

• the way in which production will be carried out.