FACTORS OF PRODUCTION

Multiple Choice

Which of the following is NOT one of the five factors of production that influence economic growth (GDP) within a country?

• Natural Resources

• Human Capital

• Physical Capital

• Taxation

Open Ended

Why is it important for a country to understand the factors that influence its economic growth?

Multiple Choice

Which of the following best describes Gross Domestic Product (GDP)?

• The total value of all goods and services produced in a country in one year

• The total population of a country

• The amount of money a country spends on imports

• The number of businesses in a country

Open Ended

Explain how raising a country's GDP can impact its standard of living.

Multiple Select

Which of the following are examples of natural resources?

• Land

• Water

• Oil

• Computers

Multiple Select

Which of the following are considered part of human capital?

• Talents in music

• Ability to follow directions

• Minerals

• Education

Open Ended

What are some ways nations can invest in their human capital to improve their workforce?

Open Ended

Explain how the amount of physical capital in a country can affect its ability to produce goods and services.

Multiple Choice

Which of the following is an example of physical capital?

• A factory

• A teacher

• A farm

• A bank

Multiple Choice

Which of the following statements about entrepreneurs is correct?

• Entrepreneurs provide the money to start and operate a business.

• Entrepreneurs only work for other people.

• Entrepreneurs avoid taking risks.

• Entrepreneurs do not use capital resources.

Open Ended

How does the literacy rate of a country impact its economy and standard of living?

Multiple Select

Select all the statements that are true about literacy rate and standard of living.

• A high literacy rate is associated with a high standard of living.

• A low literacy rate is associated with a low standard of living.

• Literacy rate has no effect on the economy.

• More educated people can bring more money into the economy.

Open Ended

Reflecting on today's lesson, which factor of production do you think has the greatest impact on a country's economic growth, and why?