Factors of production are classified by economist into ________ main groups.
Two
Three
Four
Five
Money has __________ necessary functions.
The functions of _____________ are undertaken by a single individual.
Capital
Land
Enterprise
None of these
A ___________ is known as planned economy.
Free market economy
Mixed economy
Command economy
The process through which individuals to use up goods and services to satisfy wants is known as ___________.
Production
Consumption
A ______________ does not have a private sector as all resources are owned by the state.
_____________ are the essential for the production process.
Factors of production
Cost of production
Limited resources
_____________ allows more goods and services to be produced.
Industrialisation
Specialisation
___________ is the natural resource.
Labour
In a _________, economic decisions on how resources are to be allocated are usually taken by millions of households and thousand of firms.
Market economy