Admin Table of Contents
- 1 What are items used to produce goods and services called?
- 2 What is it called when the amount of goods and services that producers will provide at various prices?
- 3 What is a structure of methods and principles that society uses to produce and distribute goods and services?
- 4 What is operate equipment?
What are items used to produce goods and services called?
Definition and Examples of Capital Goods Capital goods are man-made, durable items used by businesses to produce goods and services. They include tools, buildings, vehicles, machinery, and equipment.
What is it called when the amount of goods and services that producers will provide at various prices?
Unit 1: Chapters 1-4
| A | B |
|---|---|
| standard of living | The amount of goods and services the average person can buy. |
| supply | The amount of goods and services that producers will provide at various prices. |
| sweatshops | Factories that pay poorly, have unsafe working conditions, and treat workers badly. |
| wants | Things we wish we could have. |
What are examples of capital equipment?
What is Capital Equipment? Capital equipment items are long-lasting goods a firm acquires and owns, but does not consume in the ordinary course of business. These may include assets such as machines, trucks, large computers, and office furniture.
What are the raw materials from nature that are used to produce goods?
Chapter 2 review
| A | B |
|---|---|
| _____ are raw materials from nature used to produce goods. | natural resources |
| What are the raw materials found in nature called? | natural resources |
| _____ is the knowledge, efforts, and skills people provide, also called labor. | human resources |
| _____ is the shortage of goods or services. | scarcity |
What is a structure of methods and principles that society uses to produce and distribute goods and services?
Economics – Answering the Three Economic Questions and The Free Market
| A | B |
|---|---|
| economic system | the structure of methods and principles that a society uses to produce and distribute goods and services |
| factor payment | the income people recieve in return for supplying factors of production |
What is operate equipment?
Operating Equipment means furniture, furnishings, special lighting fixtures, carpeting, draperies, decorations or other special finishing work, signs, appliances and trade fixtures and equipment that is furnished, installed or used by the Contractor in its operations on the Airport.