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  • Econ Study Guide PT 1

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    AndyScheel
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    This study guide covers key economic concepts for a class, including defining economics, consumers, producers, goods and services, resources, factors of production, the three types of resources, entrepreneurship, scarcity, how people respond to scarcity, the three questions of allocating resources, productivity, and how companies improve efficiency through division of labor and specialization.

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    Econ Study Guide Pt 1

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    This study guide covers key economic concepts for a class, including defining economics, consumers, producers, goods and services, resources, factors of production, the three types of resources, entrepreneurship, scarcity, how people respond to scarcity, the three questions of allocating resources, productivity, and how companies improve efficiency through division of labor and specialization.

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    Attribution Non-Commercial (BY-NC)
    Download as DOC or read online from Scribd
    Flag for inappropriate content
    13 views2 pages

    Econ Study Guide PT 1

    Uploaded by

    AndyScheel
    This study guide covers key economic concepts for a class, including defining economics, consumers, producers, goods and services, resources, factors of production, the three types of resources, entrepreneurship, scarcity, how people respond to scarcity, the three questions of allocating resources, productivity, and how companies improve efficiency through division of labor and specialization.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC or read online from Scribd
    Flag for inappropriate content
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    ECON STUDY GUIDE pt 1

    ECONOMICS
    MR. SCHEEL

    1. Define economics

    2. Who are consumers?

    3. Who are producers?

    4. Define goods and services.

    5. What is a resource?

    6. What are the factors of production?

    7. Define and explain natural resources, human resources and capital resources.

    8. What is entrepreneurship?

    9. Explain scarcity in accordance to resources and peoples wants

    10. How do people respond to scarcity?


    11. What are the three questions that must be asked when allocating resources?

    12. True or False. A society’s wants and needs always can be met

    13. Define Productivity.

    14. Describe how companies want to improve efficiency.

    15. Explain how division of labor and specialization are used to make a company
    efficient.

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