Economic Factors of Production

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.

Your garbage man is an example of

• Land

• Labor

• Entrepreneurs

• Capital

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

WHAT IS LABOR?

• work people do for pay to produce good and services

• actions people do for other people

• any physical object

• The money people get for inheritance

The ​ (a)   invests money into machines known as ​ (b)   and hires workers known as ​ (c)   to bring the raw materials known as ​ (d)   together to produce goods and services

• entrepreneur

• capital

• labor

• land

• money

Match the following "Factors of Production" with the description that best fits the word choice above.

• Risk-taking individuals

• Labor

• The work people do

• Financial Capital

• Money or Resources to purchase or invest

• Entrepreneurs

• People who buy and use goods & services

• Consumers

An investment in ​ (a)   would help raise a country's literacy rate and standard of living.

• human capital

• capital goods

• entreprenuership

• natural resources

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

• Entrepreneurs

• Capital

• Labor

• Land

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

• Entrepreneurs

• Capital

• Labor

• Land

Which of the factors of production is this?

• capital

• entrepreneur

• land

• labor