Money has __________ necessary functions.
Two
Three
Four
Five
The concentration of large numbers of workers within very large production units allowed the process of production to be broken down into a series of tasks is called ____________.
Factors of production
Division of labour
Limited resources
None of these
All economies face the economic problem of _____________.
Unlimited resources and limited wants.
Limited resources and limited wants.
Unlimited resources and unlimited wants.
Limited resources and unlimited wants.
The process through which individuals to use up goods and services to satisfy wants is known as ___________.
Production
Consumption
Capital
_______________ refers to the system of exchange goods and services are exchanged directly for other goods and services.
Barter system
Money
Currency
The term ___________ curve emphasises that what levels of output on economy can achieve with its existing resources.
Production possibility
Equilibrium
Demand
Factors of production are classified by economist into ________ main groups.
A _____________ has both a private sector and a public sector.
Mixed economy
Market economy
Command economy
What are the factors of production ?
Land, labour and capital.
Land, labour and enterprise.
Land, labour, capital and enterprise.
Land, capital and enterprise.
_____________ help land and labour produce more units of output.
Capital goods
Producer goods
Consumer goods
