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Factors of Production (Grades 11-12)

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Factors of Production

1. 
The resources of an economic system, called Factors of Production are grouped into four categories which are
  1. traditional, command, market, and mixed.
  2. land, capital, labor, and entrepreneurs.
  3. monopoly, oligopoly, private, and government.
  4. local, central, national, and global.
2. 
Capitalism, Socialism, and Communism are:
  1. social systems.
  2. cultural systems.
  3. political systems.
  4. economic systems.
3. 
An economic system that is based on a society's values, customs, and traditions.
  1. Command Economy
  2. Traditional Economy
  3. Market Economy
4. 
In this economic system, the government owns all the property and controls all resources.
  1. Free market economy
  2. Capitalism
  3. Communism
  4. Traditional economy
5. 
                         is an economic system in which the government owns most basic industries. Non basic industries are owned by private citizens.
6. 
What is an economic system in which private business operates in competition and largely free of state control called?
  1. Free enterprise
  2. market economy
  3. capitalism
  4. scarcity
7. 
What would not be an example of a factor of production?
  1. A factory worker
  2. Lumber used to make a chair
  3. Training for a new employee
  4. A new Xbox
8. 
What are natural resources?
  1. shelter, food,
  2. something found in nature that people can use
  3. goods and services
9. 
Which of the following is not a natural resource?
  1. water
  2. soil
  3. trees
  4. workers
10. 
Oil is a natural resource.
  1. True
  2. False
11. 
What is specialization?
  1. When individuals and businesses do what they do best
  2. When individuals and businesses do what they can’t do well
  3. When individuals and businesses do what they do poorly
  4. When a person is really, really, really, terrible at what they do
12. 
What is not an advantage of specialization?
  1. Workers can be trained better
  2. Production increases
  3. Workers learn their skills better
  4. Less good are produced quicker
13. 
This does not affect wages.
  1. Experience
  2. Age
  3. Education
  4. Height
14. 
This is an example of semiskilled labor:
  1. Lifeguard
  2. Teacher
  3. Doctor
  4. The President
15. 
This skill level of labor requires some training.
  1. Unskilled labor
  2. Semiskilled labor
  3. Skilled labor
  4. Professional labor
16. 
This level of labor requires the highest amount of education.
  1. Unskilled labor
  2. Semiskilled labor
  3. Skilled labor
  4. Professional labor
17. 
A factory is an example of a capital resource.
  1. True
  2. False
18. 
Capital is:
  1. The effort people devote to tasks for which they are paid
  2. Any human made resource used to produce goods and services
  3. All natural resources used to make goods and services
  4. Washington D. C.
19. 
Entrepreneurs are motivated mainly by
  1. a need to be in charge.
  2. the desire for risk.
  3. the hope of making a profit.
  4. the need to repay their loans.
20. 
A person who takes a risk, or a chance, and starts a business is called a(n)
  1. entrepreneur
  2. producer
  3. benefit
  4. resource
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