What is an entrepreneur?

A person that takes a risk to make a profit.

Which are characteristics of a mixed economy?

the government regulates the economy, resources are publicly owned, resources are privately owned, individuals make their own decisions

Which are characteristics of a command economy?

resources are publicly owned, the government regulates the economy

What is capital used for?

to purchase machinery, to purchase buildings

What are the four factors of production?

land, labour, capital, entrepreneur

What are the basic economic questions?

How will it be produced?, Who will get it?, What will be produced?

Which are characteristics of a market economy?

resources are privately owned, individuals make their own choices

limited supply and unlimited demand

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Chapter 6: Economic Systems PART A

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Questions 12

Answers

1
What is an entrepreneur?
A person that takes profit to make risks.
A resource that makes it risky to earn profit.
A person that takes a risk to make a profit.
A resource that takes a risk to make a profit.
2
Which are characteristics of a mixed economy?
the government regulates the economy
resources are publicly owned
resources are privately owned
individuals make their own decisions
3
Which are characteristics of a command economy?
resources are publicly owned
resources are privately owned
the government regulates the economy
individuals make their own choices
4
What types of land are available?
renewable
non-renewable
labour
resources
5
What is capital used for?
to purchase labour
to purchase machinery
to purchase resources
to purchase buildings
6
What are the four factors of production?
land, labour, capital, entrepreneur
resources, entrepreneur, land, capital
capital, resources, labour, land
entrepreneur, land, labour, resources
7
What exists to manage the problem of scarcity?
individual choice
supply and demand
government control
economic systems
8
What are the basic economic questions?
How will it be produced?
Who will get it?
What will be produced?
Where will it be produced?
9
What is valued in individualism?
creativity and cooperation
independence and creativity
choice and security
equity and independence
10
What is valued in collectivism?
equity and cooperation
security and independence
choice and security
cooperation and creativity
11
Which are characteristics of a market economy?
resources are privately owned
individuals make their own choices
the government regulates the economy
resources are publicly owned
12
What is scarcity?
unlimited supply and limited demand
unlimited supply and unlimited demand
limited supply and unlimited demand
limited supply and limited demand

Chapter 6: Economic Systems PART A Flashcards | StudBud