Economic quiz review

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Economics, Entrepreneurs, Economic systems, Communism, the Cold War, the Vietnam war, Command economy, Capitalism


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What is the definition of economics?

The study of how we make decisions in a world where resources are limited.

What is the biggest economic problem today?

(Unlimited wants+Limited resources=scarcity)

What are goods?

Items we buy (car, book, lamp)

What is a service?

Work that we buy (haircut, car repairs)

Every society makes decisions about 3 things?

1) What to produce
2) How to produce
3) From whom to produce

What are the 4 factors of production?

Land, Labor, Capital, Entrepreneurship

What happens when all 4 factors of production are present?

Production takes place

What does land do in the factors of production?

Anything found underground

What does Labor have to do with the factors of production?

People's efforts, skills, talents, and the time spent doing a job

What does capital have to do with the factors of production?

It's the tools, equipment, machinery, and factories, used to produce goods and services.

What does entrepreneurship have to do with the factors of production?

It's the people who take a risk and try to do something new with existing resources, anticipate the wants of customers