Lesson 2.3 Factors of Production/Economic System

Land ,labor,capital and entrepreneurship are factors of Production

Which is NOT one of the 3 economic questions?

examples of entrepreneurship

An opportunity cost is

A person who takes the risk to start their own business is called

This economic systems includes free enterprise with some government control.

When demand exceeds supply, prices go up this is called

Nike just released a new idea for a shoe that ties itself. What factor is this?

What factor of production do you see in picture?

One of the factors of production enterprenurer can be defined as

The amount of agood or service that consumers are willing and able topurchase at acertain price

A tax on goods coming into the country is called

Resources that are found in nature and used in the production of goods and services.

If consumers want more of a good than the amount supplied

Goods such as machines and tools, used in the production of other goods and services

For something to be SCARCE, it must be

What factor of production do you see in picture?

The amount of a good or service that business are willingand able topurchase at a certain price

The government controls all aspects of the economy in which system?

Differences among economic systems is in the way they answer three basic questions, which are

A cell phone would be considered a..

What is 'economics'?

The economic system in which the buyers and sellers decide on goods (no government involvement)

What are the factors of production?

An increase in average price prices of good and services in a country is know as

The 3 questions that must be answered by the economic system are

The skills, talents, and education of people used in the production of goods and services

Inflation results in a higher price charged by a company.

What factor of production do you see in picture?

It can occur when a government tries to solve economic problems by printing more money

What factor of production do you see in picture?