Duplicate of EPF Unit 2 Market Types

Which of the following is not a basic economic question?

Which factor of production deals with equipment?

What did Adam Smith say about people that would lead to achieving the proper prices?

In what work did Adam smith put forth his ideas of self-Interest?

In which type of economy is the price of a good dictated by supply and demand?

What type of economy do most countries have today?

Factor of Production example: Labor

Which factor of production has to do with taking financial risks and investing?

Which factor of production deals with workers performing a task?

What did Adam Smith believe would keep quality high?

Example of Modern business that utilizes specialization.

Example of Command Economy

Factor of Production example: Physical Capital

Example of Mixed Economy

In which type of economy does the government answer all of the economic questions?

Example of Traditional Economy

What did Adam Smith observe that allowed workers to increase productivity?

Which factor of production has to do with human knowledge and expertise?

Factor of Production example: Land

Which type of economy do people use bartering?

Factor of Production example : Human Capital

In which type of economy combines capitalist philosophy and some government intervention?

What did Adam Smith believe would keep prices low?

Which factor of production deals with agricultural products?