Factors of Production

An Entrepreneur is the guy and/or the gal with a really good idea and a little bit of money in his pocket.

• Yes

• No

Natural Resources is the reusable supplies and equipment needed to create the product

• Yes

• No

Human Resources are your workers (employees) that have the knowledge and skills needed to create the product

• Yes

• No

Capital Resources the reusable supplies and equipment needed to create the product.

• Yes

• No

True or False: Factors of production is a term used by economists to mean economic resources.

• True

• False

Factors of production are the inputs that are needed for an output to happen.

• Yes

• True

• False

• No

The productive factors are commonly classified into three groups: land, labor and capital. (Answer Options True, False, Yes, No You can put them together or separately)

The factors of Production are

• Entrepreneur, Natural Resources, Human Resources, Capital Resources

• Land, Labor, Capital

• Economic Rent, Input, Output