Aim: What is
scarcity and the Factors of Production?
Bell Ringer:
Journal 6 – What are two ways to increase productivity?
1. Students will use geographic terms and tools to explain differing perspectives on the use of renewable and non-renewable resources in, the United States and the world.
2. Students will identify the factors of production and why they are necessary for the production of goods and services.
Agenda:
1. Bell Ringer
2. Check “Spotlight on Economy”
3. Finish presentations
4. Video Clip (I didn't get to show this clip, remind me tomorrow)
5. What Is Economics? Quiz-Quiz-Trade
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Learning: Study for tomorrow’s quiz.
BELOW ARE THE Q.Q.T. questions and answers. Reading these is a good way to prepare for the exam.
What is Economics? Quiz-Quiz-Trade
1.
Q - The condition that results from society not
having enough resources to produce all things people would like to have.
A – Scarcity
2.
Q – The study of how people try to satisfy
seemingly unlimited and competing wants through the careful use of relatively
scarce resources
A – Economics
3.
Q – A basic requirement for survival, such as
food, clothing.
A – Need
4.
Q – Simply something we would like to have but
is not necessary for survival.
A – Want
5.
Q – There are three questions that economists or
businesses ask themselves before production. What are these three questions?
A – WHAT, HOW, and FOR WHOM?
6.
Q – What are the factors of production?
A – Land, Labor, Capital, Entrepreneurs
7.
Q – What are some examples of “land” as a factor
of production?
A – deserts, fertile fields, forests, mineral
deposits, livestock, sunshine, climate
8.
Q – What are some examples of “capital” as a
factor of production?
A – tools, equipment, machinery, and
factories.
9.
Q – What are some examples of “labor” as a
factor of production?
A – people with all their efforts, abilities,
and skills, including all people except a unique group of individuals called
entrepreneurs.
10.
Q – What is gross domestic product (GDP)?
A – the dollar value of all final goods,
services, and structures produced within a country’s borders in a 12-month
period. It is a measure of a country’s total output, and a key measure of a
country’s economic health.
11.
Q – What is a durable good?
A – A product that lasts three years or more
(i.e. automobiles)
12.
Q – What is a nondurable good?
A – A product that lasts less than three
years (i.e. food, writing paper, most clothing items)
13.
Q – What is a service?
A – work that is performed for someone.
Services include haircuts, home repairs, forms of entertainment such as
concerts, also work that doctors, lawyers, and teachers perform.
14.
Q – Define consumer.
A – Consumers are the people who use good and
services to satisfy their wants and needs.
15.
Q – What is a location or other mechanism that
allows buyers and sellers to exchange a specific product called?
A – market
16.
Q – Describe the two markets found in the
Circular Flow of Economic Activity?
A – Factor
Market: where the factors of production are bought and sold.
Product
Market: markets where producers sell their goods and services.
17.
Q – What is economic growth?
A – occurs when a nation’s total output of
goods and services increases over time.
18.
Q – What is the term that describes a measure of
the amount of goods and services produced?
A – productivity
19.
Q – What is the term that describes the sum of
people’s skills, abilities, health, knowledge, and motivation?
A – human capital
20.
Q – What is the term that describes a way of
organizing work so that each individual worker completes a separate part of the
work?
A – division of labor
21.
Q – What is the term that describes when factors
of production perform only tasks they can do better or more efficiently than
others?
A – specialization
22.
Q – What is the term that describes how we rely
on others, and others rely on us, to provide most of the goods and services we
consume.
A – Economic interdependence
23.
Q – What is the term that describes when we have
alternative choices?
A – trade-offs
24.
Q – What is the term that describes the cost of
the next-best alternative?
A – opportunity cost
25.
Q – What is the term that describes the quality
of life based on the ownership of the necessities and luxuries that make life easier?
A – standard of living
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