Factors of Production

Open Ended

Give an example of an oppurtunity cost.

Open Ended

What is needed to produce something

Multiple Choice

What are the resources called that are needed to produce a good or service?

• Goods and services.

• Needs and wants.

• Factors of production.

• All of the above.

Multiple Choice

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Multiple Choice

Forests are examples of...

• Land

• Entrepreneurs

• Labor

• Capital

Multiple Choice

A bulldozer is an example of...

• Labor

• Land

• Entrepreneur

• Capital

Multiple Choice

Your garbage man is an example of

• Labor

• Capital

• Entrepreneur

• Land

Multiple Choice

Elon Musk is an example of ...

• a land

• a laborer

• an entrepreneur

• a capital

Multiple Choice

Marginal Cost is?

• The highest amount that customers will pay for a good

• The lowest amount that customers will pay for a good

• The cost of producing one additional good

• The cost of producing 2 additional goods