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25 questions
All of the economic inputs that are required to produce goods and services are called:
Factors of production
Supply
DEMAND
CAPITAL FOR GOODS
The physical effort of people to produce goods or services describes which factor of production?
Land
Capital
Labor
Entrepreneurship
The ideas and emotional drive a person has to produce something that other people will want to buy describes which factor of production?
Capital
Labor
Entrepreneurship
Land
What is the best explanation of factors of production?
Raw materials used to produce products
Labor and materials
Money and financing
Resources used by a company to produce good and services
Which of the following is a factor of production that some economists believe should be included with the three basic factors?
Land
Capital
Labor
Enterprise
Which of the following does not fall within the category of land as a factor of production?
A building
Trees
Coal
Water
A Factor of Production is
Used in the Production of things that are useful.
Used in the production of goods and services.
Used in the production of goods
Used in the production of services.
Land is defined as
Soil used in farming.
Natural resources used in production.
Farms used in agriculture or production
The most important factor of production.
The reward for Labour is
Profit
Wage
Rent
Interest
The Irish Economy is a mixed economy which means that
The Economy is run by business and government decisions.
A variety of goods and services are produced in Ireland.
The Economy is run by business decisions.
The Economy is run by government decisions.
The Centrally Planned Economy is one that is run mainly by
both business and government decisions
business decisions.
government decisions
the religous beliefs of the majority.
Define three factors of production
labor, capital and natural
resources.
labor, money and natural
resources.
labor, capital and
resources.
Explain the role of technology and entrepreneurs in the utilization of the economy‘s factors of production.
The technology - the knowledge that can be applied to the production of goods and services
An entrepreneur is a person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production.
Both above
Our desires for goods and services are unlimited
true
false
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