Factors of Production Quiz

Match the following

• Human effort in the production process

• Labor

• used in making other products or service

• Capital

• Raw materials used in production

• Entrepreneurship

• Individual who assumes risk for business

• Natural Resources

Rate the factors of production for the following business case from most important (1) to least important (4).

Coffee Shop

• Entrepreneur

• Natural Resources

• Labor

• Capital

Rate the factors of production for the following business case from most important (1) to least important (4).

Social Media Platform

• Labor

• Entrepreneur

• Natural Resources

• Capital

Rate the factors of production for the following business case from most important (1) to least important (4).

Fitness Studio/Gym

• Capital

• Labor

• Entrepreneur

• Natural Resources

How can scarcity (when one item is low) of just one factor affect the health of a business?

Do the most important factors vary with the type of business? Why?

Which factor of production seems to be easiest to quickly identify?

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production is sometimes hardest to locate on these lists?

• Land

• Labor

• Capital

• Entrepreneurship

What do you still need help with? What may not make sense at the end of today?