1.2 Factors of Production

Multiple Select

Which of the following would be considered a "good"?

• Education

• A burger at a restaurant

• A Car

• Medical Care

Multiple Select

Which of the following would be considered a "service"?

• A ride to the airport

• Someone teaching you a skill

• New Clothing

• A used car

Multiple Choice

You go to a restaurant, you order and a waiter brings you your meal. At the end you pay your bill. What are you paying for?

• A good

• A service

• Both a good and a service

• Neither a good nor a service

Multiple Choice

What are factors of production?

• The resources used to produce goods and services

• The cost of producing goods and services

• The items given up when making a choice

• The man made products used to make something else

Multiple Choice

Which of the following is not a factor of production?

• Land

• Labor

• Capital

• Money

Multiple Select

Which would be classified as land?

• Water / Rivers

• Trees / Forests

• Oil / Coal

• Fertile Soil

Multiple Choice

What is the definition of labor?

• The effort that a person devotes to a task for which that person is paid.

• A type of physical exercise.

• A form of artistic expression.

• A method of scientific research.

Multiple Choice

What is the definition of capital?

• A natural resource

• A human-made resource

• A financial asset

• A service

Multiple Select

Which are examples of physical capital?

• Timber

• Factories

• Cars

• Water

Multiple Select

Which would be classified as human capital?

• Skills

• Knowledge

• Books

• The Internet

Multiple Choice

How do you calculate profit?

• Profit = Revenue + Costs

• Profit = Revenue - Costs

• Profit = Costs - Revenue

• Profit = Revenue x Costs

Match

Match the following with the correct factor of production

• The Oven

• Tomatoes for Sauce

• The Chef

• Knowledge of the “Secret Recipe”

• The Owner who opened the shop

Physical Capital

Land

Labor

Human Capital

Entrepreneurship

• Physical Capital

• Land

• Labor

• Human Capital

• Entrepreneurship