Factors of Production
An electrician is part of which factor of production?
What is Labor?
The United States has which type of economy?
What is a mixed economy?
Demand for which product is most likely inelastic?
What is medicine?
Owners of preferred stock are guaranteed what?
What are dividends?
How many Federal Reserve districts are there?
What is 12?
A company’s fleet of trucks is an example of which factor of production?
What is capital?
A system with little government interference is called what?
What is laissez-faire?
When prices are too high, consumers look for what?
What are substitutes?
Selling stock for less than you paid results in what?
What is a capital loss?
Which banks must belong to the Federal Reserve?
What are national banks?
Which group of resources includes land, labor, capital, and entrepreneurship?
What are factors of production?
The value of the next best alternative given up is called what?
What is opportunity cost?
The interaction of supply and demand determines what?
What is equilibrium price?
Unlimited liability means what for a business owner?
What is full legal responsibility for debts?
❓ Which group decides whether to raise or lower interest rates?
✅ What is the Federal Open Market Committee (FOMC)?
Which factor of production involves risk-taking and starting businesses?
What is entrepreneurship?
Decisions based on opportunity cost are most likely to result in what?
What is a rational choice?
A price ceiling set below equilibrium causes what?
What is a shortage?
Which business organization earns the most revenue in the U.S.?
What is a corporation?
❓ The main tool the Fed uses to affect interest rates is what?
✅ What are open market operations?
Natural resources used to produce goods and services fall under which factor of production?
What is land?
A curve that shows maximum production combinations is called what?
Whats is a production possibilities curve (PPC)?
How does a typical demand curve slope?
What is downward from left to right?
One advantage of purchasing a franchise is what?
What is advertising provided by the franchiser?
❓ Who begins the national budget-making process?
✅ What is the Office of Management and Budget (OMB)?