Exit Pass Factors of Production and Economic Systems

An economic system in which decisions are based on a society's customs and survival.

• Traditional Economy

• Market Economy

• Command Economy

An economic system in which decisions are made by individuals in voluntary exchange.

• Traditional Economy

• Market Economy

• Command Economy

An economic system in which decisions are made by government.

• Traditional Economy

• Market Economy

• Command Economy

Which of the following is not a factor of production?

• Land

• Labor

• Capital

• Money

A person who takes the risk of owning and operating a business would be an example of which factor of production?

• Land

• Labor

• Capital

• Entrepreneurship