Factors of Production

What is an entrepreneur?

• A person who starts a new business.
• A leader of a country.
• A worker in a factory.
• A student in college.

Water

• Raw Materials

• Natural Resources

• Labour

• Capital

• Information

Name the 4 factors of production.

• opportunity costs, natural resources, labor, scarcity
• trade off, natural resources, labor, scarcity
• natural resources, human resources, physical capital, entrepreneur
• natural resources, human capital, scarcity, trade off

All of the things necessary for production are known as:

• Production
• Entrepreneurship
• Outputs
• Resources

The term "factors of production" means:

• things or skills needed to produce goods or services
• how we spend our money
• the resources of the government
• how society creates jobs

Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?

• Natural Resources
• Capital Resources
• Entrepreneurship 
• Labor Resources