SS7E3 Factors of Production

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WHAT ARE THE 4 FACTORS OF PRODUCTION?

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Land, Labor, Capital, Entrepreneurs

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An individual's knowledge or skills that make production of a good/service more efficient

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Human Capital

Front

Entrepreneurs develop new goods and services to start a business. Why is entrepreneurship often difficult?

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There is a risk that the new business may fail.

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What do these factors MOST LIKELY represent?

• skills of citizens
• health of citizens
• education of citizens
• values of citizens

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human capital

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Which of these would be the LEAST LIKELY to increase human capital? Options: offering free training seminars for employees, improving access to health care in rural areas, increasing the cost of tuition at public colleges, involving parents in their children’s education

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increasing the cost of tuition at public colleges

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Which statement BEST describes the relationship between these two factors of economic development in the Middle East? Options: There is no relationship between literacy rate and average income. There is a direct relationship between literacy rate and average income. There is an inverse relationship between literacy rate and average income. There is a strong relationship between a low literacy rate and high income.

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There is a direct relationship between literacy rate and average income.

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Why would the information on this chart be questioned for accuracy?

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North Korea's literacy rate is so high yet its GDP per capita is so low.

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As one of the factors of production/productive resources, capital can be defined as

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the equipment and factories needed to produce goods.

Front

Gross Domestic Product
is a measure of the total value of all.....

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The goods and services produced in an economy over a period of time

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A person who comes up with a product or service, and finds the money and time to produce this new product.

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Entrepreneur