Transcription of Period Worksheet Basic Economic Concepts 2]
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Period Worksheet Basic Economic Concepts 2]
Name _____ Period _____ Page # 1. (opinion) Name three things that are scarce in your life. a. _____ b. _____ c. _____ 5 fundamental Economic problem facing all societies is that of _____. 6 3. A _____ is a Basic requirement for survival & includes _____, _____, & _____. 6 4. A _____ is a way of expressing a need. 6 5. What does TINSTAAFL mean? _____ ___ ___ _____ _____ ____ __ _____ _____ 6 6. The three Basic questions every society must answer in dealing with scarcity are: _____, _____, and _____ _____ to produce. 7 7. The resources required to produce the things we would like to have are called the _____ __ _____ & include _____, _____, _____, & _____. 7 8. Capital goods[ real capital ] include _____, _____, _____, & _____. 7 9. Financial capital - _____ used to buy the tools and equipment used in production. 10. List each term below in on of the table columns. No terms will apply to more than one column. All columns will be filled.
Worksheet – Basic Economic Concepts & 2] LAND LABOR CAPITAL ENTREPRENEUR “Gifts of nature” “Hired Help” “Man-made inputs” (the “boss”) On page 15, there is a circular flow model for exchanges in the U.S. Choose an answer from the right column that goes ...
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