7 EMS Revision: Production & Economic Growth

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

• Factors of production

• Supply

• Demand

• Capital goods

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

• Land

• Capital

• Labour

• 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

• Labour

• Entrepreneurship

• Land

What is the best explanation of factors of production?

• Raw materials used to produce products

• Labour and materials

• Money and financing

• Resources used by a company to produce good and services

Which of the following does not fall within the category of land as a factor of production?

• A building

• Trees

• Coal

• Water

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

• Land

• Labour

• Entrepreneurship

• Capital

Which factor of production would you consider a lawn mower?

• Land

• Labour

• Capital

• Entrepreneur

Which factor of production would you consider a cow?

• Land
• Labor
• Capital
• Entrepreneur

The people who grow or create goods are called...

• producers
• consumers
• banker
• traders

The people who buy goods and services are called...

• producers
• consumers
• banker
• traders