Factors of Production

What resource is this a picture of?

• natural resource
• capital resource
• human resource

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

factory worker

• Natural
• Labor
• Capital
• ????????

The people who decide to buy.

• Producers
• Consumers
• Economist
• Entreprenuers

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.

In the circular flow diagram firms pay wages for which factor of production?

• Land

• Labor

• Entrepreneurship

• Raw materials

Money exchanged between businesses and individuals for labor.

• wages

• revenue

• spending

• profit

Which is NOT one of the three basic economic questions?

• What to Produce

• When to Produce

• How to Produce

• For Whom to Produce

Which of the following is NOT a Factor of Production?

• wants

• capital

• labor

• land

What is the fundamental problem of economics?

• labor

• capital

• utility

• scarcity