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- The Norway spruce trees that are grown in Christmas tree farms are considered? A. Land B. Capital C. Entrepreneurial ability D. LaborWhich of the following demographic/economic trends has increased the opportunities for entrepreneurs? Select one: a. stagnating wages b. stagnating wages c. aging population d. increase in wagesAccording to Adam Smith, which one was not the reason why division of labor increases output? Select one: a. Invention of new machinery. b. Increase labor skills. c. Time-consuming. d. Increase efficiency
- Which factor is NOT associated with production at a college? Select one: a. the faculty b. classroom buildings c. the computer labs d. electricityWhich of the following is non-rivalrous and does not have to suffer from diminishing returns? O a. Ideas O b. Land O C. Human capital O d. Physical capitalMany economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. Entrepeneurship
- Select the five effects of a free enterprise system in the US economy. People are free to be creative; choose entrepreneurship. O People can own private property and buy what they want. Buy and sell what you want; don't harm others Wants and needs=desired products Businesses compete to make a profit; promotes better products at lower prices. ONo answer text provided.Adam Smith did not considered ________ as one of the component of productionClassify each resource used in production as land, labor, capital, entrepeneurs, or human capital. Natural resources Labor Physical capital Entrepreneurs Answer Bank Pat's experience tweaking the extruder Kyle's Taco Truck (the truck itself) The Rio Grande LaShonda, a server at Sonic Drive-In your econ professor's understanding of how markets work your favorite bartender ore Aunt Sandy's Jammin' Jellies (the business) Kyle, operator of Kyle's Taco Truck Which resource earns profits? O capital entrepreneurs O natural resouces your coworkers at the big-box store Farmer Bailey's tractor Lake Casitas Human capital O labor human capital
- a good example of a resource would be? a. stocks b. Human capital c. bonds d. intital public offering.Explain three different kinds of economic systems. Explain the Law of Diminishing Returns and illustrate with a relevant example Explain the Production Possibilities Frontier Model.Explain the concept of "good entrepreneurs skills are unexpected and provide example to support you answer?
