EPF Unit 2 Market Types

Which factor of production deals with agricultural products?

Example of Traditional Economy

Factor of Production example: Labor

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

What type of economy do most countries have today?

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

Example of Modern business that utilizes specialization.

What did Adam Smith believe would keep prices low?

Example of Command Economy

Factor of Production example: Land

What did Adam Smith believe would keep quality high?

Which of the following is not a basic economic question?

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

Which factor of production deals with workers performing a task?

Which type of economy do people use bartering?

Example of Mixed Economy

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

Factor of Production example: Physical Capital

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

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

Which factor of production deals with equipment?

Factor of Production example : Human Capital

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

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