Introduction to Economics: Resources and Production
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Questions and Answers

What is the primary focus of the study of economics?

  • The distribution of goods and services
  • The consumption of goods and services
  • The production of goods and services (correct)
  • The allocation of resources within a business

    • Which of the following is NOT a factor of production?

  • Land and natural resources
  • Entrepreneurship
  • Labor
  • Market demand (correct)

    • What is the role of entrepreneurship in the production of goods and services?

  • To manage the distribution of goods and services
  • To provide the skill, drive, and creativity needed to bring resources together (correct)
  • To provide raw materials
  • To transform raw materials into goods and services

    • What is the relationship between resources and outputs in the context of economics?

    <p>Resources are the inputs used to produce outputs</p> Signup and view all the answers

    What is the term used to describe the inputs used to produce goods and services?

    <p>Factors of production</p> Signup and view all the answers

    What is the primary function of entrepreneurship skills in the production of a shirt?

    <p>To coordinate the other resources to make the shirts and distribute them to the marketplace</p> Signup and view all the answers

    In the context of the circular flow of inputs and outputs, what do households provide to businesses?

    <p>Labor, land, and capital</p> Signup and view all the answers

    What is the main objective of economists when studying the interactions between households and businesses?

    <p>To answer questions about what goods and services to produce, how to produce them, and who should receive them</p> Signup and view all the answers

    What is the key characteristic of planned economic systems?

    <p>The government exerts control over the allocation and distribution of goods and services</p> Signup and view all the answers

    What is the primary purpose of the circular flow of inputs and outputs?

    <p>To show the interactions between households and businesses in the production and distribution of goods and services</p> Signup and view all the answers

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