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.

What are natural resources?

• Animals

• Things from nature (not man-made)

• Tree

• All of the above

__________ 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

Trees, Rivers, OIl, Fish, Minerals are all examples of

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneur

The internet, computers, factories, and Technology are all...

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneurship

When a person opens their own business and risk his own money

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneurship

If a country has old technology and factories, this is a problem with...

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneurship

If a country is lacking water and arable land, this is a problem with

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneurship

If a country has a poor education system and healthcare, this is a problem with

• Capital Goods

• Human Capital

• Natural Resources

• Entrepreneurship