Question

a free enterprise economy is ______________.
where the government regulates most economic activity
an economic system where all citizens thrive.
where consumers and privately owned businesses answer two of the three basic economic questions.
where consumers and privately owned businesses answer the three basic economic questions.

the four factors of production are ______________.
land, labor, capital, scarcity
land, labor, money, motivation
land, labor, capital, incentives
land, labor, capital, entrepreneurs

Explanation:

For the first question: A free enterprise (market) economy is defined by private actors (consumers and private businesses) making all key economic decisions, which correspond to the three basic economic questions: what to produce, how to produce, and for whom to produce. Government regulation is minimal, and the system does not guarantee all citizens thrive.
For the second question: The four core factors of production are land (natural resources), labor (human effort), capital (man-made resources for production), and entrepreneurs (those who organize the other factors to create goods/services). Scarcity, money, motivation, and incentives are not classified as factors of production.

Answer:

1. where consumers and privately owned businesses answer the three basic economic questions.
2. land, labor, capital, entrepreneurs