What are the factors of production ?
Land, labour and capital.
Land, labour and enterprise.
Land, labour, capital and enterprise.
Land, capital and 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
Mixed economy
Command economy
None of these
Factors of production are classified by economist into ________ main groups.
Two
Three
Four
Five
___________ is the natural resource.
Land
Labour
Capital
Enterprise
_____________ allows more goods and services to be produced.
Industrialisation
Production
Specialisation
Money has __________ necessary functions.
__________ is a medium of exchange.
Value
Income
Money
A ___________ is known as planned economy.
Free market economy
The term ___________ curve emphasises that what levels of output on economy can achieve with its existing resources.
Production possibility
Equilibrium
Demand
The functions of _____________ are undertaken by a single individual.
