economic concepts review. factors of production economic types supplydemandmixed bag 100 200 300 400...
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Economic Concepts Review
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Economic Concepts Review
Factors of Production
Economic Types
Supply Demand Mixed Bag
100 100 100 100 100
200 200 200 200 200
300 300 300 300 300
400 400 400 400 400
500 500 500 500 500
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Factors of Production: 100
• Question:• Workers are listed as what factor of
production?• Answer• Labor
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Factors of Production: 200
• Question:• What is the last factor of production?• Answer• Capital
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Factors of Production: 300
• Question:• How does the location of a business in a 3rd
world country affect the factor of Labor?• Answer• You can hire more labor for a cheaper price.
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Factors of Production: 400
• Question:• What are the two types of Capital? Please
give an example of each.• Answer• Fixed and Working Capital (ex of Fixed –
Machines. Ex. of Working – Cash and stocks)
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Factors of Production: 500
• Question:• Please explain why a farmer in Nebraska
factors of production is different than a farmer in rural Vietnam?
• Answer• Labor is going to be cheaper because of the
minimum wage. Back
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Economic Types : 100
• Question:• What are two of three economic systems?• Answer• Market and Command
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Economic Types: 200
• Question:• In this economic system resources are
privately owned?• Answer• Market Economy
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Economic Types: 300
• Question:• A Market Economy is also called?• Answer• Free Market, Capitalism
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Economic Types: 400
• Question:• This economic system is controlled by a
central authority• Answer• A command economy
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Economic Types: 500
• Question:• This economic system is when the government
controls certain economic decisions and other decisions are controlled privately.
• Answer• A Mixed Economy
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Supply: 100
• Question:• The amount of goods and services that
producers will provide at various prices is called?
• Answer• Supply
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Supply: 200• Question:• What affects the quantity supplied?• Answer• Price
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Supply: 300• Question:• As the quantity supplied increases, how is
price affected?• Answer• Price Increases
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Supply: 400• Question:• As price increase in a supply curve, what
happens to quantity?• Answer• Quantity Increase
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Supply: 500• Question: How does natural resources affect
Supply?• Answer:• Some businesses do not have enough natural
resources to meet the supply. This can limit the quantity supplied.
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Demand: 100• Question:• The amount or quantity of goods/services that
consumers are willing to buy at different prices is called?
• Answer• Demand
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Demand: 200• Question:• As quantity decreases what happens to price?• Answer• Price will increase
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Demand: 300• Question:• The more people demand• Answer• The price decreases or falls
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Demand: 400• Question:• In a demand curve, what happens to quantity
as price increases?
• Answer• Quantity decreases
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Demand: 500• Question:• What are the differences between the
demand chart for water and Mercedes Cars?• Answer• The demand is greater for water so the price is
lower and the quantity is greater.
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Mixed Bag: 100• Question:• In this example of a market type where
businesses are competing against each other selling an identical product.
• Answer• Perfect competition
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Mixed Bag: 200• Question:• The point where the supply curve meets the
demand curve is called?• Answer• The equilibrium price.
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Mixed Bag: 300• Question:• Goods are also called?• Answer• Tangible Products
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Mixed Bag: 400• Question: An example of 2 or more
businesses which dominate a certain industry.
• Answer
• Oligopoly
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