Economics and Factors of Production Review

Do you remember what every country must answer when developing its economic plan?

• What goods/services will be produced?

• How will goods/services be produced?

• Who will consume the goods/services?

• All of them

In a ________ economy, economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the marketplace.

• Free Enterprise

• Command

• Traditional

• Mixed

In a _______ economy, the government controls everything.

• Command

• Traditional

• Mixed

• Powerful

There are 4 factors of production that influence economic growth within a country, they are

• Labor

  Wages

  Wealth

  Economy

• Entrepreneurship

  Labor Agriculture

  Manufacturing

  Retail

• Natural Resources

  Labor

  Capital Goods

  Entrepreneurship

The country’s Gross Domestic Product (GDP) means

• the total amount of land the produces crops

• The total amount of property someone owns

• the total amount of money someone make in a year

• total value of goods and services produced within a country in a year

The GDP shows

• if the country’s economy is getting better or worse.

• if the citizens are paying taxes

• if businesses are popular in the country

• if the citizens like a country or not

True or False: A country is better off if it can use its own resources to supply the needs of its people.

• False

• True

Nature resources are also called

• Nature Made

• Gifts of the Country

• Naturally Divine

• Gifts of Nature

All the factories, machines, technologies, buildings, and property needed by businesses to operate.

• Capital

• Resources

• Revenue

• Production

People engaged in activity working for wages for economic gain.

• Hard Work

• Investment

• The Pursuit of the American Dream

• Labor