Introduction to economics

What type of factors of production is this

• Labour

• Capital

• Land

• Entrepreneurship

Raw material and resources from nature is known as

Answer explanation

Land

The picture shows which type of resources

• Capital

• Land

What is the basic economic problem?

• infinite resources and limited wants

• finite resources and unlimited wants

•  infinite resources and limited wants

• infinite resources and unlimited wants

New oil reserves are discovered. What has increased?

• Capital

• Entrepreneurship

• Land

• Labour

What is a factor of production?

• a semi-skilled, young worker

• direct taxes received by a government

• shares in a manufacturing company

•  stocks of money held a bank

Which of the following is NOT considered a factor of production?

• Money

• Labour

• Land

• Capital

Why do choices have to be made in economics?

• Because wants are limited

• Because resources are unlimited

• Because resources are scarce

• Because wants are scarce

Which factor of production is improved by education and training?

• Land

• Labour

• Capital

• Entrepreneurship

Which of the following best describes 'capital' as a factor of production?

• Business ideas and risk-taking ability

• Human effort in the production process

• Natural resources used in production

• Man-made resources used to produce goods and services