Factors of Production

Define three factors of production

• labor, capital and natural

  resources.

• labor, money and natural

  resources.

• labor, capital and

  resources.

Explain the role of technology and entrepreneurs in the utilization of the economy‘s factors of production.

• The technology - the knowledge that can be applied to the production of goods and services

• An entrepreneur is a person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production.

• Both above

To derive перевод

• следовать, заниматься (чем-либо)

• удовлетворять, отвечать (требованиям,

  стандартам)

• получать, извлекать, происходить

Utility перевод

• польза

• общественная полезность

• польза, общественная полезность

To apply перевод

• применять

• употреблять

• обращаться с просьбой, просить (о чем-либо)

• all above

Cleaver. Choose the picture

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Define two forms of labor.

• the human equivalent of a natural resource & human capital

• the natural ability an untrained, uneducated person brings to a

  particular production process

• the skills a worker has as a result of education, training, or

  experience that can be used in production

How can the amount of labor available to an economy be increased?

• the total quantity of labor

• the average number of hours of work per week

• the amount of human capital possessed by workers

• all above

What was the first capital used in producing other goods?

• saws, meat cleavers, hooks, and grinders

• hammers, screwdrivers, and wrenches

• shaped stones

What natural resources do you know?

• air, water, wood

• oil, wind energy, natural gas

• air, water, wood, oil, wind energy, natural gas, iron, and coal