Econ Unit 1

How many factors of production do we have?

• 1

• 4

• 2

• 3

Gold and oil can be seen as:

• Natural resources

• Labour

• Capital

• Entrepreneurship

Identify the correct factor of production.

Individuals with great ideas and willing to take risks.

• Natural resources

• Labour

• Capital

• Entrepreneurship

Identify the correct factor of production.

Machinery and factories are?

• Natural resources

• Labour

• Capital

• Entrepreneurship

Identify the correct factor of production.

Water, wood and fish are?

• Natural resources

• Labour

• Capital

• Entrepreneurship

When we look at tools and money invested in a business, it can be classified as which factor of production?

• Natural resources

• Labour

• Capital

• Entrepreneurship

Land 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 factories 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

• 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 or bring a product to market.

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

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