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Economics Factors of Production 2016 Flashcards | StudBud

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Economics Factors of Production 2016

13 terms·StudBud Administration·551 plays

Factors of production and different style of economies

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Questions 13

Answers

1
A mixed economy is?
Run by business
Run by government
none of the above
Run by business and government
2
What is capital in economics defined as?
The amount invested
The cash in a bank
Man-made things used in production
The amount borrowed
3
Enterprise in economics is?
The organizer and risk-bearer
owners of a business
Shareholder in a company
The manager of the company
4
A Factor of Production is used in
The production of useful items
The production of serices
The production of goods and services
The production of goods
5
Labor is defined by?
The employees
The human activity in a production
The workers
The population needed for work
6
In Factors of Production what is a Factory
Labor
Entrepreneur
Capital
Land
7
In Factors of Production what is natural resources?
Capital
Entrepreneur
Land
Labor
8
What is land in economic terms?
Farms used in production
The most important factor of production
Soil used in farming
Natural resources in production
9
In Factors of Production what is Henry Ford?
Labor
Land
Entrepreneur
Capital
10
In a command economy it is run by
Business
Religious leaders
Government
Government and business
11
In Factors of Production what is an assembly line worker?
Capital
Entrepreneur
Land
Labor
12
In Factors of Production what is machinery?
Labor
Capital
Entrepreneur
Land
13
A free-market economy is run by
Government and business
Government
Business
Religious leaders