Match the following terms with their definitions.

• Resources found in nature - not man made

• Services

• Work performed by a person for someone

• Natural Resources

• Resources needed to make goods & service

• Factors of Production

• Physical products

• Goods

Human effort directed toward producing goods and services is called ​ (a)   .

• labor
• services
• capital

Previously manufactured goods that are used to make other goods and services.

• Capital

• Consumer products
• Raw materials
• Final goods

What do you call someone who starts a new business and introduces new products?

• Investor

• Entrepreneur

• Manager

• Shareholder

What is Gross Domestic Product (GPD)?

• GDP is the total dollar value of all final goods and services produced in a country during a single year.

• The GDP measures the happiness of a country's citizens.
• GDP is the total amount of money held by a country's government.
• GDP is the total number of people living in a country.

The ​ (a)   measures the material well-being of an individual, group, or nation, measured by how well their necessities and luxuries are satisfied.

• standard of living
• quality of life
• economic growth

A market where productive resources are bought and sold is called a ​ (a)   .

A market where producers offered goods and services is called a ​ (b)   .

• factor market
• product market

What is productivity?

• Productivity is the total amount of resources used in production.
• Productivity refers to the number of workers in a company.
• Productivity is the speed at which products are sold.
• Productivity is the degree to which resources are being used efficiently to produce goods and services.

What is specialization?

• Specialization is when people, businesses, regions, and/or nations focus on goods and services that they can produce better than anyone else.

• Specialization is the process of avoiding any specific area of focus.
• Specialization refers to the ability to multitask effectively.
• Specialization is the act of generalizing skills across multiple fields.

The breaking down of a job into separate, smaller tasks to be performed individually.

• Division of Labor

• Job analysis
• Work breakdown structure
• Task segmentation