1.2 The factors of production

What are the factors of production?

• land, capital, needs and wants

• land, labor, capital, and entreprise

• water, air, food, and shelter

• land, capital, goods and services

What type of factor of production is a road?

• capital

• enterprise

• labour

• land

What is meant by 'labour' in economics?

• Hard physical work used to produce manufactured goods 
• Human mental and physical effort used for producing goods and services
• Natural resources used in the productive process
• Risk taking and organising the factors of production

Which factor of production is the most closely related to education?

• capital

• enterprise

• labour

• land

Which factor of production is the least mobile?

• capital

• enterprise

• labour

• land

Which are not a factors of production?

• land

• rent

• capital

• interest

Which of the following would be an example of human capital?

• The amount of workers who work in a Nike factory

• The skills of the shoe designers at Nike

• Philip Knight, the CEO of Nike

• The land that the Nike headquarters is located on in Beaverton Oregon

Land includes...

• the "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• the "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.