BUS FINAL FULL

What are the five factors of production?

• Land, labor, capital, entrepreneurship, knowledge

• Land, labor, capital, management, technology

• Land, labor, capital, entrepreneurship, technology

• Land, labor, money, entrepreneurship, knowledge

Which of the five factors of production is most important in creating wealth?

• Capital

• Labor

• Entrepreneurship

• Land

Define standard of living.

• The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area

• The average income of a country

• The total output of goods and services in a country

• The economic health of a country measured by the rate of employment

What is the difference between the B2B market and the B2C market?

• B2B involves transactions between businesses, while B2C involves transactions between businesses and consumers

• B2B is only online, while B2C can be both online and offline

• B2B focuses on consumer goods, while B2C focuses on industrial products

• B2B markets have fewer but larger transactions, while B2C markets have more frequent but smaller transactions

What is capitalism?

• An economic system where trade and industry are controlled by private owners for profit

• An economic system where the state owns and controls key industries

• An economic system based on the principles of free market and minimal government intervention

• An economic system where wealth is distributed equally among citizens

What are the advantages and disadvantages of capitalism?

• Efficiency and innovation, but can lead to income inequality

• Promotes equality and collective ownership

• Reduces government intervention in personal lives

• Encourages monopolistic practices

What is socialism?

• An economic system where the means of production are privately owned

• An economic system where the means of production are owned by the state

• A political ideology that supports free markets and individualism

• A system where the government plays no role in the economy

What are the advantages and disadvantages of socialism?

• Promotes social welfare and equality, but can lead to inefficiency

• Increases competition and innovation

• Reduces government control over the economy

• Encourages private investment and personal wealth

What is communism?

• A system where all property is privately owned and each person works for personal gain

• A political and economic ideology that aims at establishing a classless society

• An economic system based on the principle of market competition

• A form of government where the state is ruled by a monarch

What are the advantages and disadvantages of communism?

• Promotes equality and security, but may suppress individual freedoms

• Encourages economic growth through free market policies

• Leads to high levels of personal wealth and private ownership

• Reduces state intervention in personal lives