Question

Which list represents the factors of production

Answer 1

The factors of production are typically categorized into four main groups:

1. Land: This includes natural resources such as soil, water, air, minerals, and energy sources.

2. Labor: Refers to the physical and mental effort exerted by individuals in the production process. This includes both skilled and unskilled workers.

3. Capital: Represents the man-made goods used in the production process, including tools, machinery, factories, and infrastructure.

4. Entrepreneurship: Refers to the ability to combine the other factors of production and take risks in order to create and manage a business.

So, the list representing the factors of production would be:

- Land
- Labor
- Capital
- Entrepreneurship

Answer 2

The __________________ was the first set of rules for self-governance established by the English settlers who traveled to the New World on the Mayflower.

Answer 3

The Mayflower Compact

Answer 4

An economic system in which decisions on what to produce, how to produce and for whom to produce are based on voluntary exchange between producers and consumers?

Answer 5

The economic system you are referring to is called a market economy or a free market economy.

Answer 6

An economic system in which the government controls a country's economy

Answer 7

The economic system you are referring to is called a command economy or a planned economy, where the government exercises extensive control and authority over the country's economy, including the allocation of resources, production decisions, and distribution of goods and services.

Answer 8

An economic system in which the government controls a country's economy?

Question 9 options:

Mixed


Command


Traditiona

Answer 9

The economic system in which the government controls a country's economy is referred to as a command economy.