Factors of Production and Entrepreneurship

Front

What are the four main things needed to make goods and services?

Back

Land, labor, capital, and entrepreneurship

Front

When economists talk about "land" as a factor of production, what do they mean?

Back

All the natural resources found on Earth.

Front

Which of these is an example of "land" as a factor of production? A factory building, A worker's skills, Money used to start a business

Back

Oil from underground

Front

What does "labor" mean in the context of making goods and services?

Back

The physical effort people put into their work.

Front

What is "capital" (capital goods) in the context of factors of production?

Back

Any human-created resource used to produce other goods and services.

Front

What are the two main types of capital mentioned in the video?

Back

Physical capital (capital goods) and human capital

Front

What is entrepreneurship?

Back

The process of launching and running a business to make money.

Front

In the coffee shop example, which of these would be considered "land"? The coffee machine, The barista's skills, The coffee beans, The money invested

Back

The coffee beans

Front

Carlos, Xion, Ethan, Kalim, Joshua, Silviano, Uriel, Kevin, Pharoah, and Jesse are considering starting a new business together. The primary reason for them to pursue entrepreneurship is to:

Back

Create new markets or products