Congratulations! You are
an entrepreneur
, or someone who organizes productive resources to make goods and services. As an entrepreneur, you have opened a new clothing company called Doing it Your Way.
Which term refers to a resource used to produce a good or service for sale?
Factor of Production. A resource used to produce goods & services.
Natural Resource
. In economics, any material provided by nature that can be used to produce goods or provide services. Capital Resources.
What are the resources used to make goods and services called?
Factors of production
are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
What is the term for a society in which people rely on one another for the resources goods and services they need?
Interdependent
. When people and nations depend on one another for the goods and services they want. Interest. Payments made for the use of money.
Why do business individuals and governments make tradeoffs?
Why do individuals, businesses, and governments make trade-offs?
Because resources are limited
. Which statement best describes opportunity cost? Opportunity cost is the best alternative decision.
What are the 7 factors of production?
= h [7]. In a similar vein, Factors of production include
Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise
[8].
What is the most desirable alternative given up?
The most desirable alternative given up as a result of a decision is known as
opportunity cost
. Trade-offs are all the alternatives that we give up whenever we choose one course of action over others. Economists encourage us to consider the benefits and costs of our decisions.
Who provides a good or service?
| A B | consumers one who buys goods or services for personal use rather than for resale or use in production or manufacturing. | producers a person, group, or business that makes goods or provides services to satisfy consumers' needs and wants. |
|---|
Is food a good or service?
The court held that under the common law the furnishing of food at a restaurant is not a sale but
merely a service
.
What are physical products that can be purchased called?
A tangible product
is a physical object that can be perceived by touch such as a building, vehicle, or gadget. Most goods are tangible products.
Which is a way you pay for goods and services?
Payment is the transfer of money or goods and services in exchange for a product or service. Payments are typically made after the terms have been agreed upon by all parties involved. A payment can be made in the form of
cash, check, wire transfer, credit card, or debit card
.
What is the amount of money exchanged for a good or service?
Price
is the amount of money exchanged for a good or. service. Interaction of supply and demand determines price. Price determines who acquires goods and services.
What is the best economic system?
Capitalism
is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.
Do governments make trade-offs?
Economic development at the municipal level often necessitates that
local governments make trade-offs between firm- and locality-based strategies
.
What is the main problem addressed with scarcity?
What is the main problem addressed with scarcity?
Making sure that critical resources such as oil and forests are not depleted
. Ensuring that an adequate standard of living is achieved. Determining how to address unlimited wants with limited resources.
Why do government experts track the business cycle?
why does the government track and seek to influence business cycles?
to promote economic growth and stability
. how does the government promote economic strength? … government programs take money form some people and redistribute it to others.
