Factors of Production

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Goods, Services, Needs, Wants

• Land, Labor, Capital, Entrepreneurs

WHAT IS LABOR?

• paid work humans do to produce goods & services

• The money people get for inheritance

• The goods and services that people use to make a product

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

• Entrepreneurs

• Capital

• Labor

• Land

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

• Human Capital

• Physical Capital

• Human Labor

AN ENTREPRENEUR IS A PERSON WHO _______________.

• use land, labor, and capital to produce good and services.

• uses goods and services to produce labor, land, and capital.

Which of the factors of production is this?

• capital

• entrepreneur

• land

• labor

Which factor of production is this?

• capital

• entrepreneur

• land

• labor

Steve Jobs, the founder of Apple, holding the iPhone, is an example of:

• capital

• an entrepreneur

• land

• labor

Which factor of production is this?

• capital

• entrepreneur

• land

• labor

This factor involves money, equipment, and tools and any items to produce goods and services?

• capital

• entrepreneur

• land

• labor