Lesson 2.3 Factors of Production/Economic System

Inflation results in a higher price charged by a company.

Goods such as machines and tools, used in the production of other goods and services

The government controls all aspects of the economy in which system?

One of the factors of production enterprenurer can be defined as

This economic systems includes free enterprise with some government control.

Nike just released a new idea for a shoe that ties itself. What factor is this?

The 3 questions that must be answered by the economic system are

What is 'economics'?

examples of entrepreneurship

The amount of agood or service that consumers are willing and able topurchase at acertain price

A cell phone would be considered a..

An opportunity cost is

What factor of production do you see in picture?

Land ,labor,capital and entrepreneurship are factors of Production

What factor of production do you see in picture?

A person who takes the risk to start their own business is called

A tax on goods coming into the country is called

What factor of production do you see in picture?

Resources that are found in nature and used in the production of goods and services.

It can occur when a government tries to solve economic problems by printing more money

For something to be SCARCE, it must be

The amount of a good or service that business are willingand able topurchase at a certain price

The economic system in which the buyers and sellers decide on goods (no government involvement)

An increase in average price prices of good and services in a country is know as

When demand exceeds supply, prices go up this is called

What factor of production do you see in picture?

Differences among economic systems is in the way they answer three basic questions, which are

If consumers want more of a good than the amount supplied

What are the factors of production?

Which is NOT one of the 3 economic questions?

The skills, talents, and education of people used in the production of goods and services