This factor of production includes natural resources that are found above and below the ground that are used to produce goods and services.
What is land?
100
This is what the letters PPC stand for.
What is a production possibilities curve?
100
This type of economy's decisions are based on the customs and traditions of the family, clan, or tribe.
What is a traditional economy?
100
This is the market where goods and services are bought and sold.
What is a product market?
100
These the three types of economies are the elements that make up a mixed economy.
What traditional, command, and market economies?
200
This person can be a valuable tool for a company because it must have vision, skill, ingenuity, and willingness to take risks to run a business.
What is and entrepreneur?
200
One of the three ways that a PPC could shift outward.
What are additional natural resources, increased labor resources, or new technology that makes the use of resources more efficient?
200
This type of economic system emphasizes a strong government that makes all economic decisions.
What is a command economy?
200
The flow of money goes from the product market to this other part of the circular flow chart.
What are businesses?
200
This is the type of economy that the United States emphasizes as a mixed economy.
What is market economy?
300
This is the total number of different types of factors of production.
What is four?
300
This is a classic example of a PPC that describes how the government must decide how to spend its money.
What is Guns vs. Butter?
300
This is the what socialism lacks that a communist government has.
What is complete government ownership of all factors of production.
300
This part of the circular flow chart sells land, labor, capital, and/or entrepreneurship to the factor market.
What is a household or individual?
300
This is the type of economy that China emphasizes as a mixed economy.
What is command economy?
400
This describes all of the resources (such as tools and machines) that humans use to create a product or good.
What is capital?
400
The top half of the circular flow chart sees products moving from businesses to households/individuals, while the bottom half of the flow chart sees these going from households/individuals to businesses.
What are factors?
400
This fundamental of market economies states that consumers have ultimate control over what is produced because they are free to buy what they want and to reject what they don't want.
What is consumer sovereignty?
400
This is what a product market gives to a household or individual in exchange for money.
What is a product?
400
This is the process of changing public businesses into a government owned business.
What is nationalization?
500
This is the time, effort, and talent that go into the making of products.
What is labor?
500
This is the economic term describing the producing of fewer goods and services than is actually possible.
What is underutilization?
500
This fundamental of market economies results in lower prices and improved products for consumers to purchase.
What is competition?
500
These are the two markets that exist on a circular flow chart.
What product markets and factor markets?
500
This is the process of transferring government ownership of businesses to private ownership.