Give the four factors of production (ex. ? ? ? ?) contain spaces

Used to produce other goods

Tools and machinery used to produce goods and services

Goods sold directly to the public

The Starbucks workers are examples of… (a factor of production)

Machinery is an example of an input or an output?

All factors are considered inputs

 A type of input wherein this can be changed easily according to the desired volume of production

This method of production is used when people acts as overseer of the work done by machines.

The Principle of Diminishing Returns occurs on this stage.

This is one of the methods of production in which workers are tasked to do certain jobs according to their specialization.

This is one of the methods of production in which a conveyor belt is used to produce goods.

Which of the following is considered as TOTAL FIXED COST (TFC)?

This cost gives the producer an idea in setting the price of the product for the market.

Any establishment formed to carry on commercial enterprise is a

This act eliminated the term cottage industry and used the term small enterprises.

This type of industry uses heavy equipment and machinery, employs many workers and invests more capital.

This business organization is managed and owned by one individual.

It is an organization whose objective is to serve its members and not to gain profit

This is a business organization in which owners are called stockholders.

What is the disadvantage of partnerships?

This is the central concern of microeconomics

This is the willingness and ability to buy at alternative prices at a given period of time.

Price does not affect the demand of the consumers.

What is the relationship between the quantity demanded and price for a certain product?

The combination of all the demands of consumers in the market.

As price increases, the demand…?

The ___________ side is referred to as demand.

How do you get the average fixed cost (AFC)? (use the shortcut version of the name)

How do you get Total Cost (TC)? (use the shortcut version of the name)

How do you get the Average Product (AP)? (use shortcut version of the name)

Give an example of a determinant of demand