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C719

module 2

QuestionAnswer
Payments made for labor Wages
Payments made for capital Interest
Payments made for land Rent
Payments made for entrepreneurship Profit
Factories and computers are an example of... Capital
First of the three basic questions What is produced?
Second of the three basic questions How is it produced?
Third of the three basic questions For whom is it produced?
Type of economy that relies on traditions. Traditional
Type of economy that relies on buyers and sellers. Market
Type of economy that relies on a central authority. Command
Type of economy that uses elements of all other types. Mixed
In the circular flow, goods and services are traded in the... Product market
In the circular flow, land, labor, capital, and enterprise are traded in the... Resource market
The two-sector circular flow model is comprised of.... Households and Firms
When someone has the lowest opportunity cost, they have the... Comparative Advantage
When someone chooses to focus on producing one good, it is called... Specialization
Created by: chawk69
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