Factors of Production Quiz

In this image, what is the land?

• The tables and chairs

• The building

• The people making the coffee

• The coffee beans

In this image, what is the physical capital?

• The baristas

• The coffee machines

• The people waiting for coffee

In this image, what is the human capital?

• The people waiting for coffee

• The coffee

• The barista's ability to make good coffee

• The tables and chairs

In this image, what is the labor?

• The barista's knowledge of how to make coffee

• The cashier taking orders and payment

• The customer waiting

• The machines making the coffee

Which of the following is an example of entrepreneurship (check all that apply).

• Working at a coffee shop

• Creating a new way to roast coffee beans

• Farming coffee beans

• Envisioning a new kind of coffee house that is ore family-friendly

• Patronizing a coffee shop

Which is an example of a good?

• A cup of coffee

• The barista's skill with an foaming machine.

Which is an example of a service?

• A baker in a coffee shop making amazing croissants.

• A croissant.

Which of the following are scarce resources? (Check all that apply)

• water

• land

• coal

• fossil fuels

Why do we care about economics?

• Because we want to know how to make money in the 21st Century

• Because there are not enough resources to fulfill needs and wants, so we have to solve problems and make choices.

• Because there are too many resources and we have to decide who gets what.