Economics Full Unit

The materials needed to produce goods and services (tools, machines, buildings, trucks)

• Capital Goods
• Human Resources
• Entrepreneur/Owner
• Natural Resources

Answer explanation

Jupiter is a gas giant made primarily of hydrogen and helium. Unlike terrestrial planets that have solid surfaces, gas giants like Jupiter don't have a well-defined solid surface, allowing them to accumulate more mass in a gaseous form. This composition has allowed Jupiter to grow significantly larger than planets with solid surfaces.

Things used to make goods or services. Includes human resources, natural resources, and capital goods

• Factors of Production
• Entrepreneur/Owner
• Capital Goods
• Human Resources

Answered by figuring out who will want to buy a good or service

• For whom to produce?
• What to produce?
• How to produce?
• Comparative Advantage

What to produce? How to produce? For whom to produce?

• Fundamental Questions of Economics
• Capital Goods
• Natural Resources
• Entrepreneur/Owner

Answered by figuring out what people need to make a good or service

• How to produce?
• Human Resources
• Natural Resources
• Entrepreneur/Owner

Work done by people (electrician, carpenter, doctor, waitress)

• Human Resources
• Capital Goods
• Entrepreneur/Owner
• Natural Resources

Materials found in nature (plants, minerals, water)

• Natural Resources
• Human Resources
• Capital Goods
• Entrepreneur/Owner

Answered by figuring out what consumers want or need to buy

• What to produce?
• How to produce?
• For whom to produce?
• Human Resources

The people who organize other productive resources to make goods

• Entrepreneur/Owner
• Natural Resources
• Human Resources
• Capital Goods

The ability of a country to produce a good at a lower cost than another country

• Comparative Advantage
• Factors of Production
• Fundamental Questions of Economics
• Entrepreneur/Owner