Econs Y8 #1

What are the four factors of production?

• Capital, Enterprise, Land, Producers

• Consumers, Enterprise, Land, Labour

• Capital, Enterprise, Land, Labour

• Capital, Workers, Land, Labour

Which of these is NOT an example of a CAPITAL resource?

• Factory

• Tools

• Machine Equipment

• Water

Which of these is a LAND resource?

(more than one answer)

• Steel pipes

• Forests

• Bricks

• Minerals

An example of a LABOUR resource is a...

• Entrepreneur

• Painter

• Business Director

• Books

An example of an ENTERPRISE resource is...

• Factory worker

• Builder

• Teacher

• Business Owner

Which of these is a definition for ENTERPRISE?

• The different ways we are able to produce a good or service

• The skills or talent required that bring together the other resources together successfully

• How we use the factors of production in the economy

• Using the land and labour to make a large profit for a business

Another word for 'SCARCITY' is...

• Unlimited

• Supply

• Limited

• Similar

The study of how people and society use resources to satisfy their needs and wants

• The three economic questions

• Economics

• The economic problem

• Scarcity

The way we distribute scarce resources to producers and consumers

• Factors of production

• Allocation of resources

• The economic problem

• Scarcity

Opportunity cost is...

• The cost of one good compared to another

• The total cost of all goods and services in society

• The cost of the next best alternative use of resources

• The cost of something I want vs something I need