F3-T2-2022-FACTORS OF PRODUCTION

What are the four factors of production?

• Land, Capital, Need & Wants

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Goods & Services

Natural Resources or Land as a factor of production 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 money 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 used to produce

• 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.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business by organising all the other factors of production.

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

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

Forests are examples of...

• Natural Resources/Land

• Labor

• Entrepreneurs

• Capital

A bulldozer is an example of...

• Natural Resources

• Labor

• Entrepreneurs

• Capital

Your garbage man is an example of

• Natural Resources

• Labor

• Entrepreneurs

• Capital

Bill Gates is an example of...

• Natural Resources

• Labor

• Entrepreneur

• Capital

Cashiers at McDonalds are examples of ….

• Natural Resources

• Labor

• Entrepreneurs

• Capital