Economics and Business Key Concepts

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

Something we use

• resource
• scarcity
• demand
• supply

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

A garbage truck driver is an example of which Factor of Production?

• labor
• land
• entrepreneurship
• capital

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

What is an entrepreneur?

• A person who starts a new business.
• A leader of a country.
• A worker in a factory.
• A student in college.

Consumers need to make many economic decisions such as how much money to make. This is an example of what key concept?