Basics of Economics/ Four Factors of Production

Societies use ​ (a)   to make ​ (b)   and provide ​ (c)   to satisfy our ​ (d)   and ​ (e)  

• RESOURCES
• GOODS
• SERVICES
• NEEDS
• WANTS

What are GOODS?

• products that are manufactured or man-made

• work done for other people

• things we need to survive

• things we do not need to survive, but wish to have

What are SERVICES?

• products that are manufactured or man-made

• work done for other people

• things we need to survive

• things we do not need to survive, but wish to have

What are NEEDS?

• products that are manufactured or man-made

• work done for other people

• things we need to survive

• things we do not need, but wish to have

Which of the following is NOT one of the basic economic questions?

• What to produce?

• For whom to produce?

• How to produce it?

• Why produce?

People's ​ (a)   are ​ ​ (b)  

• WANTS
• UNLIMITED
• LIMITED
• UNKNOWN

What is the GREATEST problem in economics?

• scarcity

• needs

• wants

• resources

​ (a)   is the study of how ​ (b)   try to satisfy their​ (c)   and ​ (d)   through the careful use of relatively scarce​ (e)  

• Economics
• people
• needs
• wants
• resources

An opportunity cost is

• the value of what is given up when making a decision

• the value of what is chosen when making a decision

• the study of how people make choices about resources, goods and services

• things that we don't need to survive, but wish to have

every decision you take has a

• cost

• want

• need