Economics Assessment

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 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.

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

• Entrepreneur

• Capital

• 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

Each society must determine how to best use its_______

• People
• Land
• Natural Resources
• All of the above

An individual's knowledge or skills that make production of a good/service more efficient

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur