The Two Factors of Production That Seem to Contribute the Most

question 8

Multiple Choice

The two factors of production that seem to contribute the most to making countries rich are:

• A)entrepreneurship and knowledge.
• B)land and labour.
• C)land and capital.
• D)entrepreneurship and labour.

Recognize the historical impact of significant court cases, such as Brown v. Board of Education, on societal changes and movements.

Distinguish between binding and persuasive precedents, and identify examples of each.

Understand the role of equitable principles and remedies in the judicial system.

Differentiate between courts of law and courts of equity, and identify the types of remedies each can grant.

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Definitions:

Economic Efficiency

A state in which resources are allocated in the most beneficial way, maximizing output while minimizing waste and inefficiency.

Oligopolistic Firms

Companies in a market structure where a small number of firms dominate the industry, often leading to less competition.

Cartel

An association of manufacturers or suppliers designed to maintain high prices and restrict competition.

Collusive Agreement

An arrangement between two or more firms, usually covert, to limit competition and manipulate prices or market conditions to their advantage.