Ch. 19: The American Economy

There are ______ factors of production.

• 3

• 4

• 5

• 2

The four factors of production are?

• Capital, Entrepreneurship, Labour and Land

• Capital, Entrepreneurship, Labour and Natural

• Money, Buildings, Ideas and Land

• Capital, Enterprise, Human and Natural

If Krispy Kreme is making jam for donuts, the strawberries would a _____________ resource.

• capital

• entrepreneurship

• labour

• land

The type of economic system where the government has some say in how businesses produce for consumers, but it's mostly up to the producers.

• traditional

• market

• mixed

• command

Goods and _________________ are a major part of economics.

• products

• services

• regulation

• demand

The United States has what type of economic system?

• traditional

• market

• mixed

• command

The value of something you give up when you choose one thing over another thing

• trade-in

• opportunity cost

• productive resource

• supply and demand

A market economy is run by ______________________.

• a central leader

• government acts

• private enterprise

• labor unions

The prices of goods in a market economy are a result of supply and ______________________.

• risk

• opportunity cost

• consumption

• demand

Goods that are received from another country are

• foreign

• imports

• exports

• revenue