All You Need To Know 1 pt 1

All You Need To Know 1 pt 1 pt 2 pt 2 pt 3 pt 3 pt 4 pt 4 pt 5 pt 5 pt

The amount of items produced for sale

The amount of items produced for sale is ___the supply__.

Contest between companies to win more business is called ________.

Contest between companies to win more business is called __competition____.

One who buys or uses goods or services is called a _________

One who buys or uses goods or services is called a ___consumer____

When people want something but there is a limited supply there is ___________.

When people want something but there is a limited supply there is _____scarcity______.

The number of consumers who want and are able to buy a product causes the _______ for that product.

The number of consumers who want and are able to buy a product causes the ___demand___ for that product.

Physical labor to produce a product is called ________.

Physical labor to produce a product is called ____work____.

One who buys goods and services is a _______

One who buys goods and services is a consumer

All natural resources used in manufacturing are called _____.

All natural resources used in manufacturing are called ___land__.

All human resources—or the workers are called _______.

All human resources—or the workers are called ___labor___.

All man-made aids to production (machinery, equipment, money, etc. are called ______.

All man-made aids to production (machinery, equipment, money, etc. are called ___capital___.

A profit-seeking decisionmaker who determines the course a company will take is called an _______.

A profit-seeking decisionmaker who determines the course a company will take is called an ___entrepreneur___.

Items used by households are ______.

Items used by households are _consumer goods___.

An object capable of satisfying a want or need is _____.

An object capable of satisfying a want or need is __a good__.

Number of consumers who want to buy a product ________.

Number of consumers who want to buy a product ____demand___.

Man-made aids to productivity and money are _________.

Man-made aids to productivity and money are ___capital___.

Profit-seeking decisionmaker who determines the course of a company is ______.

Profit-seeking decisionmaker who determines the course of a company is ___an entrepreneur___.

What you give up when you make a decision (the second best choice) is called the ______

What you give up when you make a decision (the second best choice) is called the __opportunity__ __cost__

The second-best choice after a decision is made is called ______.

The second-best choice after a decision is made is called ___the opportunity cost__.

One who makes goods using the factors of production is called a _______.

One who makes goods using the factors of production is called a ___producer___.

The concept of many individuals desiring something, but there is limited availability is called _______

The concept of many individuals desiring something, but there is limited availability is called ___scarcity____

Producing only a few products instead of many different products is called _________.

Producing only a few products instead of many different products is called ___specialization____.

The amount of items produced for sale is called the _____

The amount of items produced for sale is called the __supply__

The amount of mental or physical effort to produce a good or a service is called _____.

The amount of mental or physical effort to produce a good or a service is called __work__.

The factors of production are_____

The factors of production are __land, capital, labor__

The three questions facing any producer are _______.

The three questions facing any producer are __what, how, for whom__.