Economics

Factors of Production are inputs that are used in the production of what?

• supply and demand

• goods and services

• exchange

• economic profit

_____ is the money left over after all cost of business has been paid.

• Earnings

• Free trade

• Profit

• Labor

What are the four Factors of Production?

• Labor, Natural resources, Free-trade, Capital

• Natural resources, Capital, Profit, Market

• Labor, Natural Resources, Profit, Entrepreneur

• Labor, Natural Resources, Entrepreneur, Capital

A person who organizes and manages a business.

• Manager

• Entreprenuer

• Boss

• Chairman

Which of these items is NOT a natural resource?

• Timber

• coal and iron

• coal

• Solar energy

What items are associated with Capital?

• Natural resources

• tools, supplies and machines

• water and solar energy

• trees

A nurse taking care of a patient is an example of what?

• Entrepreneur

• Capital

• Natural resources

• Labor

Review!!! What are the four economic systems?

• Traditional, Command, Mixed, Market

• Command, Mixed, Market, Labor

• Traditional, Command, Mixed, Labor

• Traditional, Command, Market, Labor

What is Economics?

• The study of how people make decisions in a world where wants and needs are unlimited

• The study of how people make money

• The study of how the world runs.

• the study of people and money

What economic system is the United States?

• Traditonal

• Command

• Market

• Mixed, "Free-trade"