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- 1. Multiple Choice
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
- 2. Multiple Choice
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
- 3. Multiple Choice
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
- 4. Multiple Choice
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
- 5. Multiple ChoiceA herd of cattle is an example of ...LandLaborEntrepreneurCapital
- 6. Multiple ChoiceForests are examples of...LandLaborEntrepreneursCapital
- 7. Multiple ChoiceA bulldozer is an example of...LandLaborEntrepreneursCapital
- 8. Multiple ChoiceYour garbage man is an example ofLandLaborEntrepreneursCapital
- 9. Multiple ChoiceYour Mail lady is an example of...LandLaborEntrepreneursCapital
- 10. Multiple ChoiceThe Chromebooks you are using are examples of
Durable Goods
LaborEntrepreneursNon-durable goods
- 11. Multiple Choice
Bill Gates is an example of...
Land
Labor
An Entrepreneurs
Capital
- 12. Multiple Choice
A product or service is scarce when
The amount available is not enough to meet the demands of society
The amount available can satisfy the demands of society
Its price far exceeds the value of the item.
One company is responsible for producing the product.
- 13. Multiple Choice
A command economy is best defined as
An economic system with a central authority that makes major economic decisions
An economic system in which supply, demand, and the price system help people make economic decisions
An Economic system in which private citizens own and use the factors of production in order to generate profits.
An economic system that has some combination of traditional, command, and market activities.
- 14. Multiple Choice
A command economy is best defined as
An economic system with a central authority that makes major economic decisions
An economic system in which supply, demand, and the price system help people make economic decisions
An Economic system in which private citizens own and use the factors of production in order to generate profits.
An economic system that has some combination of traditional, command, and market activities.
- 15. Multiple Choice
A market economy is best defined as
An economic system with a central authority that makes major economic decisions
An economic system in which supply, demand, and the price system help people make economic decisions
An Economic system in which private citizens own and use the factors of production in order to generate profits.
An economic system that has some combination of traditional, command, and market activities.
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