Factors of Production

Front

The creation of any kind of good or service is known as:

Back

Production

Front

All of the things necessary for production are known as:

Back

Resources

Front

The human effort involved in the production of goods and services is known as:

Back

Labor

Front

The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):

Back

Entrepreneurship

Front

All natural resources that go into the production of a good or service: Capital, Entrepreneurship, Land, Labor

Back

Land

Front

Anything within the production process, whether human or technological, that makes production more efficient

Back

Capital

Front

Any technology/machinery involved in the production process:

Back

Physical Capital

Front

Money used to re-invest in a firm and further its business objectives

Back

Investment Capital

Front

An individual's knowledge or skills that make production of a good/service more efficient

Back

Human Capital

Front

In a competitive economy, which firms will have the most access to the factors of production? Options: The firms that are most successful in meeting consumer demand, The firms that are least successful in meeting consumer demand, The firms that have the most production experience, The firms that offer the greatest variety of goods/services

Back

The firms that are most successful in meeting consumer demand