5. Factors of production

1. What is the reason people cannot satisfy all their wants and needs?

2. What are the factors of production?

3. What does the term ”land” mean?

4. What do economists think of land as a factor of production?

5. What is labour in economic theory?

6. What is the national labour force?

7. What does the size of labour depend on?

8. What categories does labour fall into?

9. What kind of work do unskilled workers perform?

10. What category do workers with mechanical ability fall into?

11. What kind of work are skilled workers able to do?

12. What is professional labour?

13. What is a wage rate?

14. How do supply of labour and demand for labour affect the wage rate?

15. What is the third factor of production?

16. What is the difference between physical and financial capital?

17. When does production take place?

18. What is entrepreneurship?

19. What role do the entrepreneurs play?

6. Markets and market structures

1. What is a market in ancient time?

2. What is a modern market?

3. When is a market created?

4. What kinds of markets do you know?

5. How do different markets operate?

6. What are the main features of a market?

7. How do economists classify markets?

8. What is a market structure defined by?

9. What are the names of different market structures?

10. What is pure competition?

11. What is monopolistic competition?

12. What separates monopolistic competition from pure competition?

13. What is product differentiation?

14. What is oligopoly?

15. What is monopoly?

7. Market categories (demand, supply, price)

1. What is demand?

2. What does the law of demand state?

3. How do prices affect the quantities demanded?

4. What is elasticity of demand?

5. When is demand elastic?

6. When is demand inelastic?

7. What factors is demand influenced by?

8. What is supply?

9. What does the law of supply state?

10. How much of a product will suppliers offer for sale at different prices?

11. What factors is supply determined by?

12. What categories are costs divided into?

13. What role do prices play in a market economy?

14. What two important economic functions do prices perform?

15. What characteristics do prices have in a market economy?

16. Why do buyers and sellers have the opposite intentions and hopes?

17. When does the adjustment process take place?

18. What is market equilibrium?

19. What messages do price increases and decreases send to suppliers and producers?

8. Taxation

1. What is the principal purpose of taxation?

2. What are the principles of taxation?

3. What do the principles of taxation state?

4. How are most taxes be classified?

5. What are the features of proportional, progressive and regressive taxes?

6. What is a sales tax?

7. What is a main source of government revenue?

8. Who is a tax assessor?

9. Who pays taxes?

10. What are the criteria of taxation?

11. Why must government have criteria and standards when it comes about taxes?

12. What do people think of taxes?

9. Money

1. What is money?

2. How does money function?

3. What is money as a medium of exchange?

4, What does money express as a measure of value?

1. How does money function as a store of value?

2. What forms of money are in use in the world today?

3. What does the term currency refer to?

4. What is the difference between coin and currency?

5. What are the most important characteristics of modern money?

6. Why does the value of modern money change in value?