LA FOPs DOL

In which economic system does the government play a role in all economic decisions?

• Communism

• Socialism

• Free Enterprise

• All

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.

One con (negative aspect) of free enterprise is...

• Not enough regulation (rules) for companies

• Employees are treated fairly

• There is too much regulation for companies

• Employees do not listen to their employer

South America is home to many mountains and caves, which have beautiful gems hidden in them. To get them, humans mine and dig for access. This is a valuable industry and helps increase South America's economic development. Which factor of production is this describing?

• Land/Natural Resources

• Labor

• Capitol

• Entrepreneurship

One of the pros (positive aspects) of free-enterprise is...

• The government tells you what to do.

• You are a nomad searching for work

• You have the opportunity to open your own business

• The schools tell you what type of job to get

Which best explains the difference between command and market systems?

• Command allows citizens to have their business. Market, citizens cannot.

• A market system allows citizens to create their own business while a command system controls businesses.

• Market system expects citizens to trade and barter to meet their needs, a command economy provides for citizens

• A market system relies on the government to control wages and prices.