Factors of Production

​Factors of

Production​

Multiple Choice

What are the 3 economic questions?

• What to produce? How to produce?

  Who gets what and how much of what is produced?

• Who to produce? Why to produce? What like to produce?

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

Multiple Choice

Competition and profit motive are important characteristics of which type of economy?

• 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

• Market

• Command

• 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 or production?

• Goods, Services, Natural Resource, & Mangement (Entrepreneurship)

• Need, Want, Human Resources (Labor), & Resource (Capital)

• Water, Air, Manufactured Resource (Capital), & Human Resource (Labor)

• Natural Resource, Human Resource (Labor), Manufactured Resource (Capital), & Management (Entrepreneurship)

​4 Factors of Production

• Physical & mental capabilities of people.

  • Workers

​Human Resource (Labor)

• Raw materials supplied by nature ​used in production.

  • Examples: Wood, oil, iron, ​fruits, flowers, etc

Natural Resources

​4 Factors of Production

• Individuals who start businesses & take risks

​Management (Entrepreneurship)

• Money & tools used to produce goods & services

  • Examples: Machines, buildings

​Manufactured Resources (Capital)

​Productivity & Efficiency

​Division of Labor

• Breaking down one large job into many smaller jobs.

  • Individuals become an expert on their element.

  • Assembly lines are one example, each person respsonbile for their segment of the big project.

• Increasing productivity & efficiency...as fast and cheap as possible

Multiple Choice

________________ is known as the man-made resources used to produce goods and services.

• Management (Entrepreneurship)

• Human Resources (Labor)

• Natural Resoruces

• Manufactured Resources (Capital)

Multiple Select

An entrepreneur is a person who

• owns their own business and takes risks associated with it.

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

• loves nature & runs a business.

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

Multiple Choice

What type of factor of production is iron ore?

• Natural Resource

• Human Resource

• Manufactured Resource

• Management

Multiple Choice

Which factor of production would a lawn mower be?

• Natural Resource

• Human Resource

• Manufactured Resource

• Management

Multiple Choice

What factor of production is this?

• Natural Resource

• Human Resource

• Manufactured Resource

• Management

Multiple Choice

What factor of production are these items?

• Natural Resources

• Human Resources

• Manufactured Resources

• Management

Multiple Choice

What factor of production is shown?

• Natural Resouce

• Human Resource

• Manufactured Resources

• Management

Multiple Choice

Mark Zuckerberg, the founder of Facebook. Which factor of production does he represent?

• Natural Resources

• Human Resources

• Manufactured Resources

• Management