Economics 6.6 A-C

The Factor of Production are?

• land, water, trees and grass

• computer, phone, watch and TV

• land, labor, capital and entrepreneurship

• labor, workers,building and profit

The concept of many individuals desiring something but there is limited availability is?

• Good

• Scarcity

• Product

• Abundance

Land is?

• Man-made items used to run a business

• A profit-seeking decision-maker

• People working for a business

• all natural resources, raw materials

Capital is?

• Man-made items used to run a business

• A profit-seeking decision-maker

• People working for a business

• all natural resources, raw materials

Labor is?

• Man-made items used to run a business

• A profit-seeking decision-maker

• People working for a business

• all natural resources, raw materials

Entrepreneurship is?

• Man-made items used to run a business

• A profit-seeking decision-maker

• People working for a business

• all natural resources, raw materials

An economic system in which decisions on what to produce, how to produce and for whom to produce are based on voluntary exchange between producers and consumers?

• Market Economy

• Command Economy

• Mixed Economy

An economic system in which the government controls a country's economy?

• Market Economy

• Command Economy

• Mixed Economy

A market based economic system with limited government involvement is know as a?

• Market Economy

• Command Economy

• Mixed Economy

Entrepreneurs risk starting a business to?

• Build

• Have Fun

• Make a profit