Economics Quiz 3

Name this factor of production.

(a)  

Name this factor of production.

(a)  

Name this factor of production.

(a)  

Name this factor of production.

(a)  

What term refers to someone who owns producer goods or who owns a share of a business that produces goods?

(a)  

What term refers to an individual who risks his time and resources in the attempt to establish an economic enterpise?

(a)  

Since the Soviet government controlled much of the available resources, the "capitalism" found in the former Soviet Union would be called state capitalism.

• true

• false

The three basic components of capitalism are property rights, freedom of enterprise and competition in a market environment, and unlimited government.

• true

• false

As seen in a circular flow model of a free enterprise economy, the market's two components are the resource market and the product market.

• true

• false

A subsistence economy is an economic system that provides barely enough to keep a society alive.

• true

• false