Intro to Econ

The study of choices people make with their limited resources to satisfy their wants and needs is called?

• Economics

• History

• Factors of Production

• Economic Products

The condition that results from society not having enough resources to produce all the tings people would like to have is called?

• Need

• Want

• Factors of Production

• Scarcity

Define need

• Something we would like to have, but not necessary for survival

• A basic requirement for survival such as food, clothing, and shelter

• Having scare resources

• Does not matter due to unlimited resources

Define want

• Something we would like to have, but not necessary for survival

• A basic requirement for survivial

• Results in having unlimited resources

• Food and shelter are an example

What are the 4 Factors of Production?

• Land, Labor, Hard work, and Factories

• Land, Labor, Capital, Entrepreneurship

• Capital, Entrepreneurship, Machines, and Labor

• Labor, Capital, Entrepreneurship, and Construction

Define land in economic terms

• natural resources not created by people

• people with all their efforts, abilities, and skills

• tools, equipment and machinery used in the production of goods

• The inventor of a product

Define labor in economic terms

• natural resources not created by people

• people with all their efforts, abilities, and skills

• tools, equipment and machinery used in the production of goods

• The inventor of a product

Define capital in economic terms

• natural resources not created by people

• people with all their efforts, abilities, and skills

• tools, equipment and machinery used in the production of goods

• The inventor of a product

Define entrepreneur in economic terms

• natural resources not created by people

• people with all their efforts, abilities, and skills

• tools, equipment and machinery used in the production of goods

• A risk taker in search of profits who does something new with existing resources

Goods and services that are useful, relatively scarce, and transferable to others are called?

• Economic Products

• Wants

• Needs

• Capital Goods