ECONOMIC SYSTEMS

Date: 2015-10-07; view: 523.

FACTORS OF PRODUCTION

1. What is the reason people cannot satisfy all their wants and needs?

2. What are the factors of production?

3. What does the term “land” mean?

4. What do economists think of land as a factor of production?

5. What is labor in economic theory?

6. What is the national labor force?

7. What does the size of labor depend on?

8. What categories does labor fall into?

9. What kind of work do unskilled workers perform?

10. What category do workers with mechanical ability fall into?

11. What kind of work are skilled workers able to do?

12. What is professional labor?

13. What is a wage rate?

14. What are the factors affecting the wage rate?

15. What is the third factor of production?

16. What is the difference between physical and financial capital?

17. When does production take place?

18. What is entrepreneurship?

19. What role do the entrepreneurs play?

1. What do all societies have in common?

2. What does the survival of any society depend on?

3. What is an economic system?

4. What are all societies faced with?

5. What determines the type of any economic system?

6. What are the major kinds of economic systems?

7. How are the main economic questions decided in a society with a traditional economy?

8. What are the main advantage and disadvantage of a traditional economy?

9. What is a command economy?

10. What is the major advantage of a command economy?

11. What disadvantages does the command economy have?

12. What is a market economy?

13. How are the basic economic questions answered in a market economy?

14. What is the main incentive of a market economy?

15. What advantages does a market economy have?