HMB 5 (Applied Economics)

What is Labor?

• work people do for pay to produce goods and services

• actions people do for other people

• any physical object

• the money people get for inheritance

___is known as the natural resources used to produce goods and services

• Entrepreneurs

•  Capital

• Labor

• Land

___ is known as the manmade resources used to produce goods and services

              

• Entrepreneurs

• Capital

• Land

• Labor

What is an example of a consumer?

              

• a farmer who grows corn

• a person who buys books

• an artist who sells painting

• a worker who fixed trucks

Grandpa wants to buy a new camera. What should he do?

              

• Look at a few stores and compare prices

• Run to the closest store and buy a camera

• Buy the camera with the highest price

• Get the camera that looks the prettiest

The people who make or provide goods and services

           

• producer

• creator

• user

• seller

Who makes or grows goods or offers services?

             

• Consumer

• producers

• demanders

• resources

These products are used in the operation of a business but are not used in the actual production of a good or service, i.e. computers, forklifts, telephones etc.

              

• Items

• Equipment

• Producers

• Consumers

These products are constantly being purchased and used up in the operation of a business.

              

• Non-economic Wants

• Installations  

• Supplies

• Equipment

Who makes or grows goods or offers services?

            

• Consumer 

• producers  

• demanders

• resources