Factors Of Production Flashcards
Economists call these resources the ______
Factors of production
The production of goods is the result of the combination of certain
Resources
They usually divide the factors of production into __ or ____ main categories
4,5
The new cyber economy found chiefly in the developed nations emphasizes the role the ____ plays as people try to combine the four original factors of production in the best ways possible
Information
The factors of production are ______ even in the most prosperous regions
Scarce
There will always be a ______ for more raw materials more helping hands more capital goods and better economic direction
Demand
The demand for goods tends to out run the ___
Supply
Some places have not accumulated enough _____ to establish efficient production channels
Capital
Other places with small populations do not have sufficient ____ available while other places have not developed able ______
Labor, management
A system in which decisions including the production distribution and consumption of goods are based upon custom heredity and caste
Traditional economy
Also known as a planned or directed economy
Command economy
A system in which a centralized authority determines the production distribution and consumption of goods and services
Planned or directed economy
Nations with a _____ economy are normally communist socialist or dictatorship
Command
The 3rd type of economy is the ______ a system in which people are free to make their own economic choices also known as private capitalism or market economy
Free enterprise economy
Free enterprise economy is also known as ____ or _____
Private capitalism or market economy
