Unit 4 Factors of Production, Technology and Opportunity Cost

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

All of the things necessary for production are known as:

• Production
• Entrepreneurship
• Outputs
• Resources

The human effort involved in the production of goods and services is known as:

• Capital
• Entrepreneurship
• Labor
• Land

The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):

• Entrepreneurship
• Capital
• Land
• Labor

All natural resources that go into the production of a good or service:

• Capital
• Entrepreneurship
• Land
• Labor

A garbage truck driver is an example of which Factor of Production?

• labor
• land
• entrepreneurship
• capital

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

Which factor of production would you consider a cow?

• Land
• Labor
• Capital
• Entrepreneur

What kind of resource(s) is this?

• natural and capital resource
• natural resource
• capital resource
• human resource