Warm Up 2/4

All of the economic inputs that are required to produce goods and services are called:

• Factors of production

• Supply

• DEMAND

• CAPITAL FOR GOODS

The physical effort of people to produce goods or services describes which factor of production?

• Land

• Capital

• Labor

• Entrepreneurship

The ideas and emotional drive a person has to produce something that other people will want to buy describes which factor of production?

• Capital

• Labor

• Entrepreneurship

• Land

What is the best explanation of factors of production?

• Raw materials used to produce products

• Labor and materials

• Money and financing

• Resources used by a company to produce good and services

What is an entrepreneur?

• A student in college

• A leader of a country.

• A worker in a factory

• A person who starts a new business.

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur