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ECONOMICS G9 > Q2 PRODUCTION > Flashcards

Q2 PRODUCTION Flashcards

1
Q

living and non living things that satisfy human wants

A

resources

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2
Q

a type of resource that are found in the environment

A

natural resources

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3
Q

a type of resource that uses abilities, talents, and skills

A

human resources

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4
Q

the creation of goods and services to satisfy needs and wants

A

production

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5
Q

four factors of production

A

land, labor, capital, entrepreneur

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6
Q

land give us

A

rent

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7
Q

labor give us

A

wage

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8
Q

varies according to effort

A

wage

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9
Q

fixed remuneration

A

salary

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10
Q

capital give us

A

interest

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11
Q

entrepreneurs gain

A

profit

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12
Q

what are the entrepreneurial concerns

A

opportunity cost, productivity, scarcity, market price, and production cost.

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13
Q

ability of a producer to create more units of a good or service than some other producer

A

absolute advantage

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14
Q

ability of a country to produce a particular product at a lower opportunity cost than another country

A

comparative advantage

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15
Q

the place where the business or production is being done, or anything natural that can be found

A

land

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16
Q

a factor of production that is any object that is man made to produce goods and services (like machines, buildings or equipment)

A

capital

17
Q

exertion of effort by workers to create goods & services either skilled or unskilled

A

labor

18
Q

the head or the brains of the whole business or production and overseas all what is done, while providing fundamental capital to the workers

A

entrepreneur

19
Q

how to calculate for profit

A

income - expenses

20
Q

resources that are everything manmade used to produce other goods and services

A

capital/ physical resources

21
Q

the 3 entrepreneurial concerns

A

-Opportunity cost
-Productivity
-Scarcity

22
Q

production cost + the price you want your product to be

A

selling price

23
Q

accumulated expenses by the entrepreneur

A

production cost

24
Q

price range of a product

A

market price

ECONOMICS G9 (4 decks)

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