In the law of supply and demand, what happens to demand when the price goes up?
Demand goes down
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15
Give examples of what would be included in the LAND factor of production
physical land, such as the acres used for a farm or the city block on which a building is constructed
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15
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they canât make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision
muffins
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15
The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. They decide on skatepark. Opportunity cost?
computers
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boom
Lose 50 points!
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star
Double points!
Okay!
rocket
Go to first place!
Okay!
baam
Lose 25 points!
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15
Need
is something needed to survive
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thief
Give points!
5
10
15
20
25
gold
Win 50 points!
Okay!
fairy
Take points!
5
10
15
20
25
thief
Give points!
5
10
15
20
25
baam
Lose 25 points!
Oops!
rocket
Go to first place!
Okay!
shark
Other team loses 10 points!
Okay!
banana
Go to last place!
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20
Four factors of production
land, labour, capital and enterprise.
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15
want
something that people desire to have, that they may, or may not, be able to obtain
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25
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
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25
Give examples of what would be included in the CAPITAL factor of production
Computer software used by business firms or government agencies to produce goods and services is capital. It is not money
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15
True/False: Human wants will always exceed available resources.
True
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15
trade-off
A sacrifice that must be made when choosing how to use resources.