Factors of Production ECON

Factors of Production ECON

Productivity

• Productivity is used to measure the efficiency or rate of production.

• It is the amount of output (e.g. number of goods produced) per unit of input (e.g. labor, equipment, and capital).

Example of land productivity

• Tommy Jones plants pineapples on 400 acres of land. He reaps 20,000 pineapples.

• Output/Acres

• 20,000 pineapples /400 acres = 50 pineapples per acre

Multiple Choice

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

• Input
• Resources
• Production
• Entrepreneurship

Multiple Choice

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

• land
• labor
• entrepreneurship
• capital

Multiple Choice

Your garbage man is an example of

• Land
• Labor
• Entrepreneurs
• Capital

Multiple Choice

Labour productivity could be increased by all of the following except:

• using more technologically advanced machines

• increasing the amount of automation

• improved training of workers

• employing more workers to produce the same level of output

Multiple Choice

One of the benefits of increasing productivity is:

• more workers will be employed

• total production will increase with the same number of workers

• average costs will stay the same

• fewer raw materials will be needed to produce the same level of output

Multiple Choice

What does productivity mean?

• productivity is how products are made

• productivity is a measure of how many workers a business has

• productivity measures efficiency

• productivity measures effectiveness

Multiple Choice

A bulldozer is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Multiple Choice

Forests are examples of...

• Land
• Labor
• Entrepreneurs
• Capital

Multiple Choice

Any technology/machinery involved in the production process:

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

Multiple Choice

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

• labor
• land
• entrepreneurship
• capital

Multiple Choice

This factor involves money, equipment, and tools and any items to produce goods and services?

• capital

• entrepreneur

• land

• labor

Multiple Choice

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

• capital

• entrepreneur

• land

• labor

Multiple Choice

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

• Entrepreneurs

• Capital

• Labor

• Land

Multiple Choice

AN ENTREPRENEUR IS A PERSON WHO _______________.

• owns their own business

• uses goods and services to produce labor, land, and capital.

• use land, labor, and capital to produce good and services.

• loves nature and runs a business