What are the factors of production ?
Land, labour and capital.
Land, labour and enterprise.
Land, labour, capital and enterprise.
Land, capital and enterprise.
__________ is a medium of exchange.
Value
Income
Money
None of these
_____________ help land and labour produce more units of output.
Capital goods
Producer goods
Consumer goods
A ______________ does not have a private sector as all resources are owned by the state.
Mixed economy
Command economy
Free market economy
_______________ refers to the system of exchange goods and services are exchanged directly for other goods and services.
Barter system
Currency
___________ is the natural resource.
Land
Labour
Capital
Enterprise
In a _________, economic decisions on how resources are to be allocated are usually taken by millions of households and thousand of firms.
Market economy
A _____________ has both a private sector and a public sector.
Resources are combined in the process of __________ to create goods and services.
Production
Consumption
A ___________ is known as planned economy.
