2.3 Factors of Production

Fill in the blank: ________ are resources like land, capital, labor, and entrepreneurship.

• Factors of Production

• Natural Resources

• Economic Goods

• Financial Assets

Fill in the blank: ________ refers to any natural resources not created by humans.

• Land

• Water

• Air

• Electricity

Fill in the blank: ________ refers to workers and human resources such as teachers and doctors.

• Labor

• Capital

• Infrastructure

• Technology

Fill in the blank: ________ in economics refers to tools and machinery like bulldozers.

• Capital

• Labor

• Land

• Entrepreneurship

Fill in the blank: An ________ is a person who takes a risk and starts his own business.

• Entrepreneur

• Employee

• Manager

• Investor

Fill in the blank: ________ are basic requirements like food, water, shelter, and clothing.

• Needs

• Wants

• Desires

• Luxuries

Fill in the blank: ________ are things you desire but can live without, such as an iPhone.

• Wants

• Needs

• Essentials

• Necessities

Fill in the blank: ________ in economics are tangible items created for purchase.

• Goods

• Services

• Ideas

• Experiences

Fill in the blank: ________ in economics are actions provided for a customer for a fee.

• Services

• Goods

• Products

• Commodities

Fill in the blank: ________ refers to limited quantities of resources to meet unlimited wants.

• Scarcity

• Abundance

• Surplus

• Plenty