Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What are the main factors of production?
What are the main factors of production?
- Raw materials, machinery, and technology
- Land, labor, capital, and management (correct)
- Natural resources, labor, capital, and entrepreneurship
- Factories, workers, and transportation
Which of the following is NOT a way governments influence economic decisions?
Which of the following is NOT a way governments influence economic decisions?
- Encouraging monopolistic practices (correct)
- Setting minimum wage rates
- Imposing taxes on undesirable goods
- Providing tax rebates for certain economic activities
What is the main reward for natural resources in the production process?
What is the main reward for natural resources in the production process?
- Wages
- Interest
- Profits
- Rent (correct)
Which of the following is NOT a type of labor?
Which of the following is NOT a type of labor?
Signup and view all the answers
What is the main concept behind the law of demand?
What is the main concept behind the law of demand?
Signup and view all the answers
Which of the following is NOT a factor that affects the supply of a product?
Which of the following is NOT a factor that affects the supply of a product?
Signup and view all the answers
What is the role of entrepreneurs in an economy?
What is the role of entrepreneurs in an economy?
Signup and view all the answers
Which of the following is an example of a market failure?
Which of the following is an example of a market failure?
Signup and view all the answers
What is the primary role of markets in an economy?
What is the primary role of markets in an economy?
Signup and view all the answers
Which of the following is NOT a way governments can influence economic decisions?
Which of the following is NOT a way governments can influence economic decisions?
Signup and view all the answers
