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Economic Systems/Factors of Production Flashcards | StudBud
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Economic Systems/Factors of Production
Economic Systems/Factors of Production
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Answers
1
Who determines the what, how, and for whom questions in a market economy?
central authority
church or family
buyers and sellers
all of the above
2
What factor of production is this?
Natical Resource
Nurturing Resource
Neutral Resource
Natural Resource
3
What is the most specific vocab word that is defined as a resource that can replenish itself?
Land
Renewable Resource
Nonrenewable Resource
Natural Resource
4
This man owns the great corporation of Nike. Who is he?
Marco Rubio
Phil Knight
Steve Jobs
Sam Walton
5
What is the worst thing about a command economy?
very little friction
Leaders make bad economic decisions
government makes economic decisions
Leaders make good decisions
6
What kind of factor of production does the picture show?
Natural Resource
Capital
Human Capital
Capital Good
7
What kind of business is owned by two or more people?
Corporation
Sole Proprietorship
Partnership
Non Profit Organization
8
What is not considered an advantage of a sole proprietorship?
you are the boss
share the workload
set your own hours
keep all the profit
9
The United States has what type of economic system?
Command
Mixed
Market
traditional
10
What kind of factor of production does the picture show?
human capital
capital
natural resource
capital good
11
What are the best qualities of a traditional economy?
all of the above
do things the way its always been done
less friction and arguing
very little change
12
What term means only the business can lose $ and that it cannot hurt a person's personal wealth
bankruptcy
foreclosure
unlimited liability
limited liability
13
Which of the following does not measure the economy?
GNP
GDP
GOP
per capita GDP
14
Which of the following is NOT one of the 3 basic economic questions?
How
For Why
For Whom
What
15
Which form of business makes the most profit?
Partnership
Nonprofit Organization
Sole Proprietorship
Corporation
16
Which of the following is not an entrepreneur?
Oprah Winfrey
Donald Trump
Bill Gates
Kobe Bryant
17
Opportunity Cost is the next best alternative _____________________.
chosen
eliminated
not chosen
discarded
18
What does not make a person an entrepreneur?
takes risks
provides the financial backing
works as a middle manager in the warehouse
creates new ways of doing things
19
What man was the founder of the McDonald's corporation that became the king of fast food?
Colonel Sanders
Sam Walton
Dave Thomas
Ray Kroc
20
What kind of factor of production does the picture show?
Human Capital
Capital
Entrepreneur
Capital Good