Lesson 2.3 Factors of Production/Economic System

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

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

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

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

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

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

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

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

Land ,labor,capital and entrepreneurship are factors of Production

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

What factor of production do you see in picture?

If consumers want more of a good than the amount supplied

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

This economic systems includes free enterprise with some government control.

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

What factor of production do you see in picture?

examples of entrepreneurship

What is 'economics'?

A tax on goods coming into the country is called

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

What are the factors of production?

Inflation results in a higher price charged by a company.

One of the factors of production enterprenurer can be defined as

When demand exceeds supply, prices go up this is called

What factor of production do you see in picture?

A cell phone would be considered a..

For something to be SCARCE, it must be

What factor of production do you see in picture?

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

Which is NOT one of the 3 economic questions?

An opportunity cost is