Economics Test Review

Front

What are the Factors of Production?

Back

land, labor, capital, and entrepreneurship

Front

What is a physical item that is produced and can be weighed or measured?

Back

Goods

Front

When something is used it, it is _____

Back

consumed

Front

Are entrepreneurs considered part of entrepreneurship and included as a part of the factors of production?

Back

True

Front

Which factor(s) of production is/are not present here? Options: land and labor, capital and entrepreneurship, entrepreneurship, capital

Back

entrepreneurship

Front

Someone who works for a company is the best description of

Back

labor

Front

The fact that we do not have unlimited quantities of resources is a good example of what term?

Back

Scarcity

Front

Capital can best be described as

Back

goods produced to help create other goods and services.

Front

A person who uses goods and services is practicing what?

Back

Consumption

Front

Which of the following is an economic system in which economic decisions are made according to traditions and culture? Market, Command, Traditional, Mixed

Back

Traditional