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Factors of Production (Grades 11-12)

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Factors of Production

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.
Capitalism, Socialism, and Communism are:
  1. social systems.
  2. cultural systems.
  3. political systems.
  4. economic systems.
An economic system that is based on a society's values, customs, and traditions.
  1. Command Economy
  2. Traditional Economy
  3. Market Economy
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
                         is an economic system in which the government owns most basic industries. Non basic industries are owned by private citizens.
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
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
What are natural resources?
  1. shelter, food,
  2. something found in nature that people can use
  3. goods and services
Which of the following is not a natural resource?
  1. water
  2. soil
  3. trees
  4. workers
Oil is a natural resource.
  1. True
  2. False
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
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
This does not affect wages.
  1. Experience
  2. Age
  3. Education
  4. Height
This is an example of semiskilled labor:
  1. Lifeguard
  2. Teacher
  3. Doctor
  4. The President
This skill level of labor requires some training.
  1. Unskilled labor
  2. Semiskilled labor
  3. Skilled labor
  4. Professional labor
This level of labor requires the highest amount of education.
  1. Unskilled labor
  2. Semiskilled labor
  3. Skilled labor
  4. Professional labor
A factory is an example of a capital resource.
  1. True
  2. False
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.
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.
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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