What is a market economy?

there is no government involvement in economic decisions

What are the factors of production?

Land, Labor, Capital, Entrepreneurship

What is a traditional economy?

traditions and rituals answer what, how or whom

What is a mixed economy?

It has elements of every type of economy

What is a command economy?

A country’s government makes economic decisions

Explain the concept of scarcity

the difference between wants / needs and available resources

What is land refer to in the factors of production?

everything contained in the earth or found in the seas

What does entrepreneurship refer to in the factors of production?

the skills of people who invest time/money to run a business

What does capital refer to in the factors of production?

money to start and operate a business

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Duplicate of Economics

11 termsStudBud Administration29 plays

To introduce the basics of economics

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Questions 11

Answers

1
What is a market economy?
an economy that has elements of every type of economy
traditions and rituals answer what, how or whom
A country’s government makes economic decisions
there is no government involvement in economic decisions
2
What are the factors of production?
Land, Labor, Tradition, Entrepreneurship
Land, Scarcity, Capital, Entrepreneurship
Economy, Capital, Land, Entrepreneurship
Land, Labor, Capital, Entrepreneurship
3
What is a traditional economy?
traditions and rituals answer what, how or whom
there is no government involvement in economic decisions
Economy that has elements of every type of economy
A country’s government makes economic decisions
4
What is a mixed economy?
traditions and rituals answer what, how or whom
It has elements of every type of economy
there is no government involvement in economic decisions
A country’s government makes economic decisions
5
What economy does the United States have?
Command
Mixed
Traditional
Market
6
What is a command economy?
an economy that has elements of every type of economy
traditions and rituals answer what, how or whom
A country’s government makes economic decisions
an economy that has elements of every type of economy
7
Explain the concept of scarcity
losing a lot of money
the difference between economies
the difference between wants / needs and available resources
when a company goes out of business
8
What does labor refer to in the factors of production?
people that do physical labor
all of the people that work for specific jobs
The amount of hours worked
all of the people that work
9
What is land refer to in the factors of production?
everything contained in the world, not including the seas
everything contained in that one country
everything contained in the earth or found in the seas
everything contained in a specific state
10
What does entrepreneurship refer to in the factors of production?
how successful entrepreneurs are
the amount of time entrepreneurs put into a business
the amount of people who are entrepreneurs
the skills of people who invest time/money to run a business
11
What does capital refer to in the factors of production?
where the business is located
all of the above
the total money that a business has
money to start and operate a business

Duplicate of Economics Flashcards | StudBud