Econ week 1 and 2

Question 1

What are the four factors of production

Accepted Answer

Land,Labor,Capital, Entrepreneurs

Question 2

Economics is the study of how people

Accepted Answer

Chose from limited resources to meet their needs

Question 3

Because of scarcity, any time a choice is made, there are alternatives that are not chosen.

Accepted Answer

True

Question 4

What is labor?

Accepted Answer

Work people do for pay to produce goods and services

Question 5

______________get to make the economic decisions under capitalism.

Accepted Answer

Individuals

Question 6

What is a key difference between capitalism and communism?

Accepted Answer

Private Property is allowed in Capitalism

Question 7

Government owns some industries.

Accepted Answer

Socialism

Question 8

The definition of Scarcity is...

Accepted Answer

limited amount of resources to meet unlimited wants and needs.

Question 9

The United States is an example of what economic system?

Accepted Answer

Mixed

Question 10

aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers.

Accepted Answer

Capitalism

Question 11

what did capitalism cause?

Accepted Answer

rich get richer, Unemployment, Negative view points, New factory jobs

Questions 11