3 - Economics Quiz - The Factors of Production

Which of the following is NOT a factor of production?

• Land

• Labor

• Entrepreneurship

• Societal Institutions

Capital is a factor of production.  Which of the following is NOT "capital?"

• something produced to produce other things

• tools that you use to produce other things

• the machinery in a factory

• the Workers (Labor)

What is "Entrepreneurship?"

• putting together all of the other factors of production so that you can actually produce things.

• buying goods

• purchasing services

• taxation of the wealthy

The four factors of production are:

• Land, Labor, Capital, Entrepreneurship

• Land, Labor, Capital, Consumerism

• Land, Labor, Authoritarianism, Entrepreneurship

• Land, Government, Capital, Ownership

When Michael Jordan decided to market his "Air Jordan" sneakers in which "Factor of Production" best describes Jordan's role here role here?

• the land

• the labor

• the capital

• the entrepreneur