Economics Test 1

A garbage truck driver is an example of which Factor of Production?

• labor
• land
• entrepreneurship
• capital

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

Which factor of production would you consider a cow?

• Land
• Labor
• Capital
• Entrepreneur

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 factories used in production of goods and services

• individuals who start a new business or bring a product to market.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

What is the factor of production called that is responsible for coordinating all other factors of production in order to make goods and services?

• Entrepreneur

• Land Resource

• Labor Resource

• Capital Resource

Bill Gates is an example of...

• Land (seriously though, come on)

• Labor

• An Entrepreneurs

• Capital

An individual's knowledge or skills that make production of a good/service more efficient

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

What is the fundamental problem of every society?

• labor costs
• scarcity
• economic interdependence
• market fluctuation