Factors Of Production

Question 1

Economics

Answer 1

the study of how society uses its resources to satisfy its wants and needs

Question 2

Microeconomics

Answer 2

study of economic behavior and decision-making of small units, such as individuals, families, and businesses

Question 3

Macroeconomics

Answer 3

study of economic behavior and decision-making of entire economies, whole countries

Question 4

Goods

Answer 4

physical objects

Question 5

Services

Answer 5

actions or activities a person performs for another

Question 6

Scarcity

Answer 6

all resources are limited and therefore are scarce. Everyone cannot have everything they want. There isn’t enough stuff to go around

Question 7

Shortage

Answer 7

when producer doesn’t have enough to sell

Question 8

Need

Answer 8

basic requirement for survival

Question 9

Wants

Answer 9

a way of expressing a need

Question 10

Factors Of Production

Answer 10

Land, labor, capital

Question 11

Entrepreneurs

Answer 11

ambitious leaders who decide how to combine land, labor, and capital resorces to create new goods and service