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Economy terms
| Question | Answer |
|---|---|
| What are Natural Resources? | the parts of the environment that are useful or or necessary for the survival of living organisms. |
| What are Renewable Resources? | any NATURAL RESOURCE that is recycled or replaced constantly by nature. |
| What are Nonrenewable Resources? | natural resources that are used up more quickly than they can be replaced by natural processes. |
| What are Fossil Fuels? | fuels formed in Earth’s crust over hundreds of millions of years. |
| What are Goods? | are tangible items that are made or grown and are used or consumed by people. |
| What are Services? | are intangible; they refer to work that a person does for someone else. |
| What are Producers of allocation? | make goods or offer services. |
| Why do people start businesses? | Most people start businesses to make money and to supplies goods or services and makes profit when it earns more than it spends. |
| What is Income of allocation? | is defined as the money that is earned from the sale of goods and services. |
| What are Expenses of allocation? | are defined as anything business owners need to purchase in order to provide goods or services to consumers. |
| What does Allocated mean? | means to be rationed. |
| What is method of allocation? | is often used to distribute cheap tickets to rock concerts, sporting events, movies, and many other events. first come, first served, is often used to distribute cheap tickets to rock concerts, sporting events, movies, and many other events. |
| What is lottery of allocation? | This is not a good method. Lotteries have been used to allocate tickets to rock concerts and Olympic events. |
| What is Personal Attributes of allocation? | This would be an example of allocation according to personal attributes, like age, beauty, intelligence, class, race, and gender. |
| What is Competitions of allocation? | This method is commonly used to allocate goods like Easter eggs, scholarships, and trophies, but it’s rarely used to allocate tickets. Too time consuming!!!!! |
| What is Price of allocation? | Another way to allocate the tickets is by charging a price high enough so that only 1,000 people would choose to buy tickets, say $10. Not as wasteful,Economists like using price method of allocation the most. |
| Minerals and Metals are what? | Nonrenewable |
| What is petroleum? | formed mostly from the remains of microscope marine organisms buried in Earth’s crust.(It is nonrenewable because it takes hundreds of millions of years for it to form.) |
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