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.

__________ It only takes one factor of production to make a good or service.

• True

• False

__________ An example of a natural resource is a cell phone.

• True

• False

Forests are examples of...

• Land
• Labor
• Entrepreneurs
• Capital

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.