The factors of production attempt to instill the idea that resources are
In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of
Which situation best reflects the concept of free enterprise?
The government has the right to own all land, buildings, and factories in a
"Everyone’s rights should be protected" is an argument
Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.It exists because resources are scarce.It influences consumers.It influences producers.It assists in anticipating profits.It encourages people to spread their resources around.
What are the cons of a mixed market economy for most citizens? Select four answers.There may be a sizable gap between rich and poor people.It can be very difficult for citizens to start private businesses.Citizens must pay for most basic necessities by themselves.There is no guarantee of steady employment for many citizens.Citizens may pay higher taxes than in other economic systems.Citizens often purchase their own health care and higher education.
Land is considered a resource because it
Opportunity cost means that something needs to be
What are some ways to address unemployment in a market economy? Select three answers.creating new projectsincreasing regulationlowering restrictionsraising more taxespromoting hiring
In the free-enterprise system of the United States, the government
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What are the basic types of resources used by producers? Choose three answers.capitallaborvaluescarcityland
John has a large apple orchard. He has decided to bake pies and sell them at the local farmer’s market. Which best describes John’s use of economics?
What might happen if an economy is unable to produce wanted goods and services?
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