This is the process of using resources to produce goods and services that satisfy the needs of individuals and business.

(a)  

It is produced by using the factor of production.

(a)  

Give the four factors of production (ex. ? ? ? ?) contain spaces

(a)  

Payment for the use of land and other natural resources received by the landlords

(a)  

Used to produce other goods

(a)  

Tools and machinery used to produce goods and services

(a)  

Goods sold directly to the public

(a)  

The Starbucks workers are examples of… (a factor of production)

(a)  

Machinery is an example of an input or an output?

(a)  

 A type of input wherein this can be changed easily according to the desired volume of production

(a)  

This method of production is used when people acts as overseer of the work done by machines.

(a)  

The Principle of Diminishing Returns occurs on this stage.

(a)  

This is one of the methods of production in which workers are tasked to do certain jobs according to their specialization.

(a)  

This is one of the methods of production in which a conveyor belt is used to produce goods.

(a)  

This cost gives the producer an idea in setting the price of the product for the market.

(a)  

Any establishment formed to carry on commercial enterprise is a

(a)  

This act eliminated the term cottage industry and used the term small enterprises.

(a)  

This type of industry uses heavy equipment and machinery, employs many workers and invests more capital.

(a)  

This business organization is managed and owned by one individual.

(a)  

It is an organization whose objective is to serve its members and not to gain profit

(a)  

This is a business organization in which owners are called stockholders.

(a)  

This is the central concern of microeconomics

(a)  

This is the willingness and ability to buy at alternative prices at a given period of time.

(a)  

What is the relationship between the quantity demanded and price for a certain product?

(a)  

The combination of all the demands of consumers in the market.

(a)  

As price increases, the demand…?

(a)  

The (a)   side is referred to as demand.

How do you get the average fixed cost (AFC)? (use the shortcut version of the name)

(a)  

How do you get Total Cost (TC)? (use the shortcut version of the name)

(a)  

How do you get the Average Product (AP)? (use shortcut version of the name)

(a)  

Give an example of a determinant of demand

(a)