Factors of Production
These are the factors of production.
What are land, capital, entrepreneur, and labor?
Name four economic indicators that can help us understand if a country has a developed or developing economy.
What are literacy rates, infant mortality rates, life expectancy, and GDP or GDP per capita?
This is the type of economy that the U.S. has.
What is a mixed economy?
When there is too much of a product and stores typically sell it at a low price, it's because this exists.
What is a surplus?
Entrepreneurs typically are seeking this.
What is a profit?
Give two examples of land.
What are:
Water, ore, trees, animals, etc.?
If a country has high infant mortality rates and low life expectancy, it is likely this type of nation.
What is a developing nation?
This type of economy has no entrepreneurs because the government controls everything.
What is a command economy (also called a planned economy)?
This is the price point where supply and demand meet.
What is the market equilibrium?
Define an entrepreneur.
What is a person who starts a business (or invests in one)?
Give two examples of labor.
Any jobs will count (as long as they're not entrepreneurs).
If a country has a high literacy rate and a high GDP per capita, the country is likely this type.
What is a developed nation?
None of these truly exist because most countries have some level of government involvement in their economies.
What is a free market economy?
When there is not enough of a product to meet the demand for it, it is called this.
What is scarcity?
Is an auto mechanic an entrepreneur? Explain your answer.
Your points depend on your explanation.
Give 3 examples of capital needed to run a car dealership.
What are:
cars, garage, furniture, computers, printers, pens, etc.
This is how a GDP per capita is calculated.
What is the GDP of a nation divided by the population?
Name the industries that are most often controlled by the government in a mixed economy.
What are transportation, the military, and trade?
This typically keeps prices for the same product pretty similar to each other when supply and demand are steady in a free market (or mixed) economy.
What is competition?
Choose a business that an entrepreneur might start & list one of each of the factors of production for that business.
Answers will vary.