Ch. 3 Factors of Production

Question 1

What are the factors of production

Answer 1

Natural resources
Labor
Capital
Entrepreneurship
Information

Question 2

A system, in which decisions involving the production, distribution and consumption of goods are based upon custom, heredity and caste

Answer 2

Traditional economy

Question 3

Hey system in which is centralized authority, determines the production and distribution of goods and services, as well as things like savings and investments and prices

Answer 3

Command economy

Question 4

hey system in which people are free to make their own economic choices

Answer 4

Free enterprise economy

Question 5

When a system combines a good measure of free enterprise in some areas with a heavy state regulations and others

Answer 5

Mixed economy

Question 6

Land and other materials that can be used in the production, distribution and consumption of goods

Answer 6

Natural resources

Question 7

Any work wether physical or mental that contributes to the production of goods and services

Answer 7

Labor

Question 8

An economic system that provides barely enough to keep a society alive

Answer 8

Subsistence economy

Question 9

The system in which the majority of a nation’s capital is owned and controlled by private individuals and businesses

Answer 9

Private capitalism

Question 10

A system in which the owner of much of the nations capital is a powerful centralized apparatus called the collectivist state

Answer 10

State capitalism

Question 11

Anyone who owns producer goods or owns a share of some business that produces goods

Answer 11

Capitalist

Question 12

The intelligent direction and supervision of natural and human economic resources

Answer 12

Entrepreneurship

Question 13

A person who undertakes management of economic enterprises on a bold scale, with some danger of losing his investment with money and time

Answer 13

Entrepreneur