Understanding Production Factors Flashcard

Front

Example of land as a factor of production:

Back

A river used for hydroelectric power

Front

What is considered labor in the production of goods? Options: A computer, A manager supervising workers, A field of wheat, A bank loan

Back

A manager supervising workers

Front

Which of the following is a capital good?

• A sewing machine in a clothing factory
• A chef cooking food
• A gold mine
• A business plan

Back

A sewing machine in a clothing factory

Front

Who is an entrepreneur?

Back

Someone who starts and runs a new business

Front

Which of the following is a natural resource?

• A delivery van
• Oil found underground
• A cashier
• A computer program

Back

Oil found underground

Front

Example of a service:

Back

A haircut

Front

Difference between goods and services?

Back

Goods are things you can touch; services are actions people do for you.

Front

Which of these is NOT a factor of production? Land, Money, Labor, Capital

Back

Money

Front

Example of using a natural resource in production: Baking bread in an oven, Using water to generate electricity, Selling shoes in a store, Advertising a new product

Back

Using water to generate electricity

Front

A company buys new computers for its office. Which factor of production is this an example of?

Back

Capital