Four factors
A person who works as a chef in a restaurant is an example of which factor of production?
Labor
What is a producer?
Someone who makes, grows, or supplies goods to sell
When the price of a candy bar jumps from $1.00 to $5.00, the demand for that candy bar will usually do this.
Decrease.
Which factor of production is responsible for organizing the other three and taking on the risks of starting a business?
Entrepreneurship
What system is based on customs, beliefs, and the way things have been done for generations.
Traditional Economy
True or False: Labor includes both the physical work (like lifting boxes) and the mental work (like designing a video game)
True
Which economic system is driven by "supply and demand," where competition between businesses helps determine prices?
Market Economy