Factors of Production
What are the two different types of labor?
skilled and unskilled
What are the three most common economic systems?
traditional, command, and free market
Is there a lot of information in free economic systems?
Yes.
What does economic security provide for the economy?
It protects the economy.
What are companies and business financial incentive?
Profit
What qualifies the factor of land in regard to business?
All resources aiding the business
What is a example of a traditional economy?
Bartering
How is the competition in a Free economic system?
Very competitive
Is there illegal activity in a secure economic system?
No.
What is a corporation?
A publicly traded company.
What are the two different types of capital?
Physical capital and human capital
What kind of economy is North Korea?
A command economy
Are there buyers and seller?
Yes a lot
As a criminal in a secure economic system, what would be your consequences?
Jail-keeps people in line
What are the advantages of a Franchise?
is an auto mechanic a skilled or unskilled laborer?
Skilled
What rights are you guaranteed in a Free market economy?
Private property rights
What motive from employees help the business?
Innovation
As a business in a secure economic system, what happens to your private property if it is robbed? (if you have insurance)
The insurance company provides funds to replace the lost goods.
Advantages and disadvantages of a sole proprietorship?
Advantages: keep profit and you make the decisions
Disadvantages: help is limited and limited money to start
Decision making
What economy is the easiest way to trade?
Free Market Economy
What does innovation drive?
Progress
As a homeowner in a secure economy, do you have to worry about someone else owning your property?
No, you own your property.
What is the difference between a sole proprietorship and a partnership?
A sole proprietorship is where one person owns the business and a partnership is where the business is owned by more than one person and isn't traded with stocks.