1. What are 4 factors of production?

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1. What are 4 factors of production?

• 2. A human resource falls under which factor of
  production?

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3. Money, machinery, and equipment fall under
which factor of production?

• 4. Natural resources and property are which
  factor of production?

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5. The risk taker of a business involves which
factor of production?

• 6. Ultimately, it is consumer demand that will
  determine what is produced in this economy
  (economic system)?

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7. What two things happen in a market?

• 8. This is a market system with government
  regulation.

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9. Name the four economic systems.

• 10. Which economic system is controlled by the
  government?

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Name the only country in the western
hemisphere that has a command economy.

• 11. Which economic system do citizens answer the
  4 economic questions (everything is privately
  owned)?

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12. In which economic system are questions
answered based on custom ( the way things have
always been done)?
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13. Is the following a good or service?

• a. Gum?
• b. Fitness center?
• c. House?
• d. Cafeteria pizza?
• e. Waiter/waitress?

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14. According to your notes, name three basic
needs.
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15. Is the following a need or want?

• a. Water?
• b. Cell phone?
• c. Necklace?
• d. Shelter?
• e. Car?

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16. What is the term for a lack of resources?

• 17. What are the 4 economic questions?

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18. Where do most entrepreneurs receive money to
start their first businesses?

• 19. What is the study of how a society uses its
  resources to obtain its wants and needs?

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20. What is the term used for the economic cost
of making one choice over another?

• 21. What is the probable opportunity cost of
  volunteering on the weekend?

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22. Exchanging money for a soda is called
what?23. A credit union is a business
controlled by members. What kind of business is
this?24. What is used to measure the daily
activity of the stock market (NYSE)?
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• 26. What type of business would offer to sell
  ownership (shares) on the stock market?
• 27. A business owned by one person, this is the
  most common form of business in the US.
• 28.In a bear market, are investors doing more
  buying or selling?

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• 29. What is the primary advantage of having a
  partnership?
• 30. In a capitalist society, in order for prices
  to remain low, it is necessary that we have what?