AS 4.1

Which of the following are factors of production?

• Capitalism

• Land

• Capital

• Entrepreneurship

• Labor

Which of the following are economic question?

• What to produce?

• How to produce?

• For whom to produce?

• Where to produce?

• All of the above

Which of the following are economic trends?

• Changes in Ownership

• Going Global

• Profit Sharing

• None of Above

Which of the following is NOT a characteristic of the American Economy?

• Nationalization

• Laissez-Faire

• Private Property

• Competition

• Profit Incentive

The primary focus of economics is how people make ___________________.

• Choices

• Goods

• Money

What is a physical object that can be purchased?

• Service

• Good

• Utility

Wants are necessary for survival.

• True

• False

Communism is a system of government that owns all economic resources.

• True

• False

Laissez-Faire is an idea that government should not interfere.

• True

• False

Capitalism is any place where goods and services are bought and sold.

• True

• False