Which of the following is NOT a factor of production? land, labor, money, capital
Economics Diagnostic - 6GSS

Flashcard
•
Social Studies
•
6th - 8th Grade
•
Hard
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29 questions
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1.
FLASHCARD QUESTION
Front
Back
money
2.
FLASHCARD QUESTION
Front
What does "capital" refer to in economics?
Back
Tools and machines used to produce goods; people's skills and knowledge
3.
FLASHCARD QUESTION
Front
If the demand for a product increases but the supply stays the same, what will likely happen to the price?
Back
The price will go up.
4.
FLASHCARD QUESTION
Front
When there is too much of a product and not enough buyers, what is this situation called?
Back
Surplus
5.
FLASHCARD QUESTION
Front
What is an export?
Back
A product sent to another country for sale
6.
FLASHCARD QUESTION
Front
Why do countries trade with one another?
Back
Because no country can produce everything it needs
7.
FLASHCARD QUESTION
Front
What are taxes used for?
Back
To pay for public services like schools and roads
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