Question

which of the following is an economic system? a. socialism b. capitalism c. communism d. all of the above which of the following is not one of the factors of production? a. land b. labor c. opportunity cost d. capital the study of how individuals, businesses, and governments make choices about resources is: * a. economics b. entrepreneurship c. services d. opportunity cost

Explanation:

1. Socialism, capitalism, and communism are all economic - systems. Socialism emphasizes state or collective ownership of the means of production, capitalism is based on private ownership and market - driven economies, and communism aims for a class - less society with common ownership.
2. The factors of production are land, labor, and capital. Opportunity cost is the cost of forgoing the next best alternative, not a factor of production.
3. Economics is the study of how individuals, businesses, and governments make choices about resources due to scarcity.

Answer:

1. D. All of the above
2. C. Opportunity cost
3. A. Economics