Econ- 2.1 Formative Assessment- Option 2

Another name for the Factors of Production is __________.

Which of the following is NOT a factor of production?

• Land

• Labor

• Money

• Entrepreneurship

Provide 1 example of a LAND resource NOT given in the video so far.

Evaluate responses using AI:

OFF

Consider the final service of a haircut. What is an example of a labor resource that would be used to produce this service?

Evaluate responses using AI:

OFF

Consider the final good of a video game. What is an example of the human capital resource that would be used to produce this good?

Evaluate responses using AI:

OFF

What is the role of human capital in the production process?

• It provides the raw materials for production.

•  It represents the physical tools and machinery used in production.

• It refers to the knowledge and skills of the workers.

• It brings together all the other factors of production.

What is physical capital in the context of production?

• The natural resources used in production.

• The knowledge and skills of the workers.

• The human-made tools and machinery used in production.

• The entrepreneurial spirit and initiative.

Consider the final good of a 3-pound bag of Zestar apples. What is an example of a physical capital resource that would be used to produce this good?

Evaluate responses using AI:

OFF

Consider the final service of a social media app. What is an example of entrepreneurship that would be key in producing this service?

Evaluate responses using AI:

OFF

Which of the following would be considered Entrepreneurship?

1. Seventh Generation, which sells eco-friendly cleaning and personal care products, was launched in 1988 in response to growing societal concerns about the environment.

2. An assembly line worker helping to build a new Tesla vehicle.

3. You launch a ride-share service, similar to Uber, in Chanhassen and the surrounding area.

4. A tractor used on a farm.

5. Starting a new computer repair business.

• 1 & 4

• 2 & 4

• 2, 3 & 5

• 1, 3 & 5