ECON Unit 1 Exam 1, VOCABULARY (SSEF 1-6) Modified

Land, Labor, __________, and Entrepreneurship are the 4 Factors of Production.

• Capital

• Technology

• Currency

• Transport

____________ resources are the physical and mental efforts of human workers.

• Labor

• Capital

• Land

• Entrepreneurship

______________ is the tools, machines, and other equipment that a business needs.

• Physical Capital

• Human Resources

• Intellectual Property

• Financial Assets

____________, also known as products, are usually food, clothing, houses, furniture, cars, and computers.

• Goods

• Services

• Resources

• Needs

____________ is what you give up by making a decision. It is what you could have had.

• Opportunity Cost

• Marginal Benefit

• Sunk Cost

• Fixed Cost

________ are all the things people use to make products like food, clothing, houses, furniture, cars, and computers.

• Resources

• Activities

• Locations

• Events

Productive Resources are the things that people need to make and sell products. They are also known as the _______________.

• Factors of Production

• Means of Consumption

• Sources of Entertainment

• Agents of Distribution

____________ resources are human-made resources used to make products or deliver services; include both Physical and Human Capital.

• Capital

• Natural

• Renewable

• Technological

Wants and needs determine how individuals, governments, or companies __________, or distribute, limited resources in a systematic way.

• allocate

• consume

• produce

• exchange

____________ resources include the land itself, all natural resources on the land, and any improvements made to that land.

• Land

• Labor

• Capital

• Entrepreneurship