Factors of Production 2

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

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

• Entrepreneur

• Capital

• Land/ Natural Resources

• Labor

Which one of the four factors of production does the picture show?

• Natural Resources

• Labor

• Capital

• Entrepreneur

Which one of the four factors of production does the picture show?

• Labor

• Natural Resources

• Capital

• Entrepreneur

1. What goods/services will be produced? 

2. How will goods/services be produced?   

3. Who will consume the goods/services?

• Economic systems answer three fundamental questions:

• Questions of government

• Questions about culture

• Important question for business owners.

 

An Entrepreneur

• is a NASCAR driver

• is a teacher

• works at Chick Fil A

• owns his/her own company