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
Prices for goods and wages paid for _____ are set by competition in the market instead of by tradition or law
Labor
No nation has a system that is completely ____ or _____
Regulated or free
With healthy state regulation in others the result is a ______
Mixed economy
The first factor or production is ______
Natural resources
Natural resources includes _____ and ______
Land and other raw materials
Nearly every manufacturer uses at least one type of ____
Raw material
Prior to the _________ beginning in 1760 in England most people worked on farms so ____ was a big issue
Industrial revolution , land
What a particular piece of land costs is determined by the ______ and _____ of land in that particular area
Scarcity and productivity
_____ and _____ are both considered to be raw materials and are used for _____ purposes
Land and water , many
