Factors of Production Review Lesson One

What is the term used for all natural resources used in the production process?

• land

• labor

• capital

• entrepreneur

All businesses that sell goods/services require what to produce these goods/services?

• large factories

• government permission

• productive resources

• large amounts of money

Which productive resource is intangible (You can't physically touch it.)?

• land

• labor

• capital

• entrepreneurship

Capital does NOT include which of the following examples?

• equipment

• money

• transportation

• tools

Mental talents of workers is an example of what type of resource?

• land

• capital

• labor

• entrepreneurship

Anything within the production process, whether human or technological, that makes production more efficient

• Entrepreneurship
• Capital
• Land
• Labor

Any technology/machinery involved in the production process:

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

An individual's knowledge or skills that make production of a good/service more efficient

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital