World Concepts in Economics

Which of the following is an example of capital?

• A farmer growing crops

• A teacher teaching a class

• A factory where clothes are made

• An entrepreneur starting a business

What is an example of labor?

• A computer used for work

• A baker making bread

• A new bakery being started

• A field of corn

What is an example of entrepreneurship?

• Using a machine to produce goods

• Teaching a class

• Starting a new bakery

• Growing crops

What is an example of land as a factor of production?

• A computer used for work

• A teacher teaching a class

• Soil used to grow crops

• A new product being invented

What is an example of how capital is used in production?

• A farmer using land

• A machine used in a factory

• A teacher in a classroom

• A new business idea

Which of the following is an example of a small business in a free enterprise system?

• A government agency

• A bakery or bookstore

• A multinational corporation

• A public school

What is the primary focus of the elementary study guide for world economics?

• Understanding basic world economic concepts

• Learning about historical events

• Studying local cultures

• Exploring natural disasters

Which type of economy combines elements of both market and command economies?

• Traditional Economy

• Mixed Economy

• Market Economy

• Command Economy

Which type of economy is also known as capitalism?

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

What is it called when a country buys goods from another country?

• Exporting

• Importing

• Specializing

• Trading