Topic 1 Lesson 1-3 Test

Which of the following are factors of production?

• capital and land

• scarcity and shortages

• technology and productivity

• economics and business decisions

something essential for survival

• need

• want

• goods

• services

something people desire that is not necessary for survival

• need

• want

• goods

• services

physical objects that someone produces

• need

• want

• good

• services

actions or activities that one person performs for another

• need

• want

• good

• services

principle that limited amounts of goods and services are available to meet unlimited wants

• scarcity

• shortage

• entrepreneur

• factors of production

• trade-off

person who decides how to combine resources to create goods and services

• scarcity

• shortage

• entrepreneur

• factors of production

• labor

resources that are used to make goods and services

• factors of production

• land

• labor

• capital

effort people devote to tasks for which they are paid

• factors of production

• land

• labor

• capital

all natural resources used to make goods and services

• factors of production

• land

• labor

• capital