Factors of Production Review

Front

A garbage truck driver is an example of which Factor of Production?

Back

human

Front

The following items (accountant's computer, carpenter's drill, and a tailor's sewing machine) are all examples of which factor of production?

Back

capital

Front

The term "factors of production" means:

Back

things or skills needed to produce goods or services

Front

Iron, minerals, coal and plants are examples of which productive resource?

Back

Natural Resource

Front

The term, "capital goods" means:

Back

Goods not created for their own use, but to make other goods/services.

Front

The term, "entrepreneurship" means:

Back

Person who organizes the factors of production to produce goods/services; business owners.

Front

The term, "land" means:

Back

The natural resources used to produce goods or services.

Front

The term, "labor" means:

Back

Work the people do to produce goods and services.

Front

What is a risk an entrepreneur takes in running a business? Options: Losing the money invested in starting the business, Going bankrupt [losing everything], Not having a steady job/paycheck, All of these are risks!

Back

All of these are risks!

Front

What is the total monthly expense for Company Z if Labor is $30,000, Land is $40,000, Capital is $20,000, and Entrepreneurship is $10,000?

Back

$100,000