Factors of Production

Factors of Production

Multiple Choice

What are the three economic questions?

• What to produce? How to produce? For whom to produce?

• Who to produce? Why you produce? Like to produce?

• Why to produce? Tell who to produce? Things to produce?

Multiple Choice

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

Multiple Choice

With which term is a command economic system MOST closely associated?

• Entrepreneurship

• Economic Freedom

• Perfect competition

• Governmental regulation

Multiple Choice

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

Multiple Choice

An economic system in which individuals and businesses make decisions about what to produce.

• Market economy

• Mixed economy

• Communism

• Command economy

Multiple Choice

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

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

Multiple Choice

Iron Ore

• Land

• Labor

• Physical capital

• Entrepreneurship

Multiple Choice

Which factor of production would you consider a lawn mower?

• Land

• Labor

• Capital

• Entrepreneur

Multiple Choice

Which factor of production is this?

• 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

Which one of the factors of production is this?

• capital

• entrepreneur

• land

• labor

Multiple Choice

Which of the factors of production is this?

• capital

• entrepreneur

• land

• labor