Land as a factor of production

Production is the process of creating goods and services to satisfy human wants

• True

• False

Nora is starting a new business and she knows that the four factors of production are land, labour, capital and enterprise

• True

• False

Which of the following scenarios best explains the impact of limited natural resources of production in a Caribbean country?

• A country increases exports by hiring more workers in tourism

• A country with few forests shifts from timber to eco-tourism services

• A country with large oil reserves stops importing food products

• A country with many rivers starts producing more textbooks

Which best describes the relationship between land as a factor of production and product development in the Caribbean?

• Land only affects agriculture-based products

• Land determines the prices of goods in the global markets

• The availability of specific natural resources influences the types of industries and goods produced

• Natural resources are not connected to the types of goods a country produces

Which of the following country-resource pairs best explains how natural resources influence production in the Caribbean?

• Trinidad and Tobago- Banana production

• Guyana - Bauxite mining

• Barbados - Oil refining

• St. Lucia- Gold mining