Capital
What type of capital includes workers?
What is human capital?
Name the four factors of production.
What is land, labor, capital, and entrepreneurship.
Name the types of economies
What is mixed, Traditional, command/centrally planned, free market
Adam Smith's theory is called the...
What is the invisible hand theory?
Any resources that are made by humans and used to create other goods and services are called:
What is capital?
The first step needed to create a product
What is an entrepreneur's idea?
The United States is an example of this type of economy
What is a mixed economy?
The main goal of business owners
What is making profit/money?
Increasing efficiency and specialization by education and training workers is an example of increasing what type of capital?
What is human capital?
In this list, which is NOT a factor of production?
Land, labor, capital, Scarcity
What is scarcity?
This economy typically does not make goods for large profit
What is a traditional economy?
An example of a durable good
What is a...
(Car, Appliances, etc) - Various answers
A factory building is an example of what type of capital?
What is physical capital?
Which factor of production includes the buildings or machines needed to produce an item?
What is capital?
This economy is characterized by the government having control over the economy including jobs and more
What is a command economy?
The name of the graph that shows maximum efficiency of an economy, and the opportunity cost of creating both goods.
What is a production possibilities graph?
Give an example of land capital and explain what it is.
Various answers.
The factor of production that refers to human effort, both physical and mental, used to create goods and services.
What is labor?
Adam Smith believed in this type of economy
What is a free market economy?
What makes an item valuable?
What is utility and scarcity?