Factors of Production

What are the resources called that are needed to produce a good or service?

• Goods and services.

• Needs and wants.

• Factors of production.

• All of the above.

How many factors of production are needed to produce a good or service?

• 2

• 3

• 6

• 8

What are natural resources?

• Animals

• Things from nature (not man-made)

• Tree

• All of the above

What is labor?

• Hard Work

• People who only do the physical work.

• People who do the work to produce something.

• None of the above.

What could be an example of capital?

• Buildings

• Machines

• Money

• All of the above

What is entrepreneurship?

• Shipping of products and services.

• Starting or improving a business.

• Improving needs and wants.

• All of the above.

__________ It only takes one factor of production to make a good or service.

• True

• False

__________ An example of a natural resource is a cell phone.

• True

• False

__________ The entrepreneur combines natural resources, labor, and capital to produce a good or service.

• True

• False

Which one of the three factors of production does the image show?

• Entrepreneur

• Capital

• Natural Resources or Land

• Labor