Factors Of Production & Econ?\'s: Question Preview (ID: 13197)

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Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.
a) Human resources
b) Services
c) Entrepreneurs
d) Resources

Refers to man made goods, such as tools, which are used to produce other goods
a) Physical capital
b) Resources
c) Human capital
d) Capital resources

All the things used in producing goods, services, buildings, ideas
a) Resources
b) Natural Resources
c) Human resources
d) Capital resources

One of the 3 economic questions
a) What should I produce
b) What color should I produce
c) How many should I produce
d) In what order should I produce

Are: 1) What should I produce? 2) How much should I produce? 3) Who will buy the goods or services?
a) 3 economic questions
b) All answers
c) Labor
d) entrepreneurship

A system in which the basic economic questions are generally answered by the government
a) Command
b) Traditional
c) Mixed
d) Market

Using markets as the primary means of organizing and coordinating production, is what type of system
a) Command
b) Traditional
c) Market
d) Mixed

In a market economy, the basic economic decisions are driven by_____
a) governments
b) banks
c) business owners
d) individuals

A governmental ban on trade with one or more other nations
a) Tariff
b) Subsidy
c) Embargo
d) Quota

A tax imposed on imports in and out of a country,
a) Embargo
b) Demand
c) Supply
d) Tariff

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